Cobra's Market View

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Flat open, so any gap will be filled.

Global ES looks good, as the pullback can be seen as a Bull Flag, therefore the bias is on the upside.

GM All
Tom McClellan of MCO is predicting a bottom of some kind by TUE/WED of next week followed by a ramp up. Click on the video link for his brief Fox News Clip: http://www.mcoscillator.com/market_breadth_data/

Momentum Block Update:
Momentum remains with the Bulls; however, currency markets are hinting some softness in the short term. As noted currency market momentum tends to lead equity markets; not only ¾ in this block are in sell mode, their performance (pink box) since 8/9(the recent high) is also divergent with SPY. Also beware this is for the short term, so just like all ST signals these can change direction rather quickly. Longer term (beyond few days) posture of currency block remains favorable for the equities.
May be KeiZei would like to chime in on this?

This transformation of NYSE TICK exceeded the upper red TL and then dropped below it. Last couple of times when this happened market remained under selling pressure for next few days. Expecting some consolidation in the short term (a conclusion that is also supported by the currency markets).

Is that a roll of copper in your pocket?

dollar is strong today
usd/cad +0,25%
aud/usd -0,70%

the open.

Since Bloomberg quit quoting “Shibor” this is the only view of opaque Chinese rates that I am aware of: the China Interbank Repo Rate (click on 1m or 1y):
http://www.bloomberg.com/quote/RP07:IND
fact: This is China’s seven-day repo rate, a money-market benchmark.
opinion: The effects of reverse repos in providing money for China’s banking system is similar to cuts in the banks’ reserve ratio, and repos as a tool are supposed to be more flexible.
(The Yuan isn’t freely traded, so I don’t have a good currency measure to watch (which is why we watch aussie kiwi etc as proxy).
[If this view is too ignorant, please help by posting better, more.]

On a related note: “China’s softening yuan could block rate cuts”
China could find itself in a bit of a bind if the yuan continues to weaken… the trend could prevent the PBOC from lowering interest rates to boost the slowing economy… according to Moody's. Any rate cut could prompt further capital outflows - which hit a net $71.4B in Q2 - and so hurt efforts to speed growth.
The central bank has recently been propping up the yuan in the market by selling forex reserves.
http://www.marketwatch.com/story/chinas ... 2012-08-17

strange to see dollar so strong and green stocks
lets see what happens

2 min

Took profits on one swing long,could go higher but this is now in the bank..Light trading today and not very many online here today.

$compq +0,14%
$naupv:$nadnv 0.72

levitating mode is active

Here is a chart of a H&S of the IWM by Schaeffers..Could be that this up move could go a little higher..But of course all H&S do not work all the time..So wait and see.

nothing to say, it's in a range. wait.

BAC sqz

123.6 fib extensions

Update on the SPX..Question is now will we or will we not.. But watch the Stoh's

I'm here today but will be back and forth doing some catch up projects..No DT today the mkt does not seem quite right for me.GTTA

Harapa,
I like your chart!