Cobra's Market View

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Double bottom or not, wait and see.

Sell in May ?????
https://stockcharts.com/articles/mish/2 ... y-671.html

5/2
10:00 Job Openings

approximately 96% chance of rate hike 0.25 bps

This is an 8 day chart. Pretty good drop out of the chute!! See if we settle down and rally back. Watching....

JPM asked more than 800 people to work over the weekend to make a bid for First Republic.
It had to wait until the middle of the night to get what it wanted.
https://finance.yahoo.com/news/inside-j ... 03341.html

Didn't rally. Market didn't like the jobs numbers.....

The same-day VIX people (inverted here so roughly up=calls and down=puts,
1/$VIX1D, black dots),
do tell what the one-day traders are doing,
and that may be helpful... well see...
5min

Fas, FAZ and bank sectors dropping really fast.
As soon as I posted above statement, stockcharts acting up and going blank.

Holy crap the dow is down more than -500 points
VIX is up 22%

WE NEED A MUSIC BREAK
https://www.youtube.com/watch?v=CORl6nQ7QWQ

No rebound in the next couple of bars then it's a downtrend day.

BANKS BAD, as Serenity mentioned.
It's all anybody looks at, but best not put too much stock in the XLF as it holds insurance and ratings agencies and other crap.
For pure banks use the other ones here:

iwm Weekly chart, only one need to watch. nearing moment of truth. difficult for Fed to ease when so many job openings...

PERFORMANCE:
You can see how weak banks are, RED, over 20 days.
Likely means another bailout could be coming (??)

SPX got back down to the 60 min 200 MA....

Yesterday reversal were small need confirmation and the internals were bad after the market, boy the confirmation is bigly today. haha

Financials are going up now and it looks down for today. Faz is bad option now/today in my opinion.

Daily trend following setup: bulls got the Fed to save the day tomorrow, if not....look out below. looks like wave3 move now.

The other day I mentioned MACD is the tell if the breakout will be for real, now it's clear, Failed breakout.