Cobra's Market View

Gap up above yesterday's high but the gap is not large so not sure if the gap will be filled.

The Global ES have another overshot, so might pullback here, then we'll see.

Thanks Laoda, it's quite hard to sit with shorts

Good morning, Cobra!
The fate of these 2 wedges should be decided today:

Quote from my buddy on the GS bond desk...

"What’s bizarre about this whole thing is that munis have been on a TEAR. We’ve seen some SERIOUS spread compression. Before I left for FL [this was the beginning of December] one needed to go out 5 years to 2017 to get 1% AAA yield. Now, you have to go to 2019 to go north of 1%. That is INSANE, even with the rolldown….its just bizarre to see both equities and FI rally like this."

Good Morning.

So honey...where are we going to stay in Paris?

http://www.99ercharts.com/archives/127

The 5th?

For a few days now, buying VIX calls on close (most times countertrend), and selling next morning was a simple but successful strategy. Let us see today:

Will you make yourself breakfast?

AUDJPY http://www.99ercharts.com/archives/134

What...eat my shorts?

So what's for breakfast?

ES http://www.99ercharts.com/archives/136

Anything with red sauce.

jarbo456 wrote:Quote from my buddy on the GS bond desk...

"What’s bizarre about this whole thing is that munis have been on a TEAR. We’ve seen some SERIOUS spread compression. Before I left for FL [this was the beginning of December] one needed to go out 5 years to 2017 to get 1% AAA yield. Now, you have to go to 2019 to go north of 1%. That is INSANE, even with the rolldown….its just bizarre to see both equities and FI rally like this."

Open interest in NYSE has been very underinvested coming into the new year. Markets have just gone up on buying and short covering. We have seen this in the past on low volume and the long/short equilibrium is skewed. These are times when markets seem dumb, but just based on market physics there hasn't been enough stock to be sold. Having said that, a last move up end of week may be enough to balance things to finally get a good overbought reading. An up market today may just be enough to get a pullback on OPEX.

Today, EDZ will meet the ellipse, which indeed,in this case, seems to act as an attractant.
Getting ready!

i will be watching the precious metals and copper futures for clues on market today.

I AM GUMBY, DAMMMET



TECH NOTES
EBAY beat estimates on eps and revenue, but their “forward guidance” was soft

Top ten $NDX 100 stocks yest: LLTC, ALTR, FSLR, SHLD, AVGO, MU, ADSK, MXIM, XLNX, MCHP
Almost all showed classic “squeeze” stick patterns yesterday

The market valued AAPL at approximately $400 BILLION as of yest close
(New all time high. AAPL reports on Tuesday, consensus eps estimate: $9.93. AAPL is 15% of XLK holdings.
Complete list of XLK holdings here: http://www.etfchannel.com/lists/?a=stoc ... symbol=XLK

INTC reports tonight, consensus eps: $0.61
INTC is 20% of SMH. All SMH holdings here: http://www.etfchannel.com/lists/?a=stoc ... symbol=SMH

TXN was up 8% yest. (TXN is 8% of SMH)

More tech earnings due today: IBM, GOOG, MSFT…

the open.

Cobra wrote:the open.

this open breaks the upper trend line from the report last night thus negating the bearish case right?

jarbo456 wrote:

Cobra wrote:the open.

this open breaks the upper trend line from the report last night thus negating the bearish case right?

let's see how today close first. so far this is a renewed strength.

Need to sell off a bit before we go forward up

FCX ?!

If bears can get a red close today, statistically Friday should be red as well. If bulls get another green close I can see another 2 to 3 days of green. Market seems like it wants to consolidate so I am leaning toward 2 red closes before the next push up attempt.

Honey?

SPX http://www.99ercharts.com/archives/138

Let's hit the slopes!

GLTA.

Wow trannies on a tear again,need these to show weakness to put top in