Cobra's Market View

Note MRVL
reaction to last night's earnings
MRVL is in SMH, the semiconductor index

Earnings: Thursday, May 25 - Best Buy (BBY, missed earnings), Dollar Tree (DLTR, big gap down), Ralph Lauren (RL, beat earnings), Autodesk (ADSK, after the close), and Costco (COST, after the close).

Earnings: Friday, May 26 - Big Lots (BIG, before the open).

(Black dots): The same-day options people bought calls and/or sold puts all morning.
Shortly after 11:00 ET, they reversed to selling calls and/or buying puts
5min

Sideways market is hard for traders, when people lost money they blame on something else other than themselves. blame it on the Fed, the government, Michael Jackson, the dog, the cat, on an on ..........I am going fishing, see you next week. :lol: :lol: :lol: :lol: :lol: Have fun fishing Boss :D

RIP Tina Turner
Simply the Best
https://www.youtube.com/watch?v=SvCyFHWBUlc

SMH has a total of 26 holdings, mostly technology stocks from the U.S. that are in the MVIS US Listed Semiconductor 25 index.
The top 10 holdings are 65.82% of the assets.
NVDA is 15.2% of SMH (its #1 holding)
https://stockanalysis.com/etf/smh/holdings/

Earnings: Thursday, May 25 - Best Buy (BBY), Dollar Tree (DLTR), Ralph Lauren (RL), Autodesk (ADSK), and Costco (COST).
Earnings: Friday, May 26 - Big Lots (BIG).

8:30 GDP Q1 [Q1 GDP Growth Revised up to 1.3% Annual Rate] 8:30 Initial Jobless Claims [Initial Jobless Claims Rise After Massachusetts Fraud Revisions] 8:30 Chicago Fed National Activity Index 8:30 Corporate profits 9:50 Fed's Barkin Speech 10:00 Pending Home Sales 11:00 Kansas City Fed Mfg Survey ...

The Fed just posted minutes of the FOMC meeting on May 2-3.
Fed Minutes Include Expectation of No Rate Cuts Through January 2024

Note: KSS up after earnings

WEDGE breakdown
https://thepatternsite.com/abw.html

NOW: Pundits on CNBC say take profits on AI and NVDA

Earnings: Today, May 24, AFTER THE CLOSE: NVDA Meanwhile the NVDA CEO said this morning: US export controls introduced by the Biden administration to slow Chinese semiconductor manufacturing had left the Silicon Valley group with “our hands tied behind our back” and unable to sell advanced chips in ...

Posted on 5/22: I question if the SPY breakout can hold, given the two bottom panels. Daily

UPDATE, daily:

BIG TECH
plus SPY (purple) for context

The circular firing squad [debt ceiling]
McCarthy press conference in one hour

"TikTok Will Provide Oracle "Full Access" To Source Code, Algo In Bid To Stay In US" [Bloomberg]
https://www.zerohedge.com/technology/ti ... id-stay-us

NO SURPRISE HERE: SPX: With a market cap north of $2.7 trillion, Apple currently comprises roughly 7.4% of the entire index's value, the highest share since 1980, according to Charlie Bilello. According to Bilello's data, Apple and Microsoft currently combine for just over 14% of the S&P 500's e...

Earnings: Tuesday, May 23 before the open: LOW [cut its annual sales and profit forecasts],
after the close: INTU

9:45 PMI Composite Flash
10:00 New Home Sales
10:00 Richmond Fed Mfg. Index
1:00 PM Money Supply