Cobra's Market View

Analysts are debating whether
A: regional banking issues were never a crisis and any turmoil is mostly over, or
B: stress at smaller banks is just getting started.
Regardless of who's right, one thing is clear: JPMorgan is the winner.
[BLOOMBERG]

Note FL
daily chart

I question if the SPY breakout can hold, given the two bottom panels here.
Daily

te_fern wrote:Bounce it did, wonder if the quick drop was related to the explosion Pasta Boss referred to??

Hi Fern.... I still can't find confirmation of the explosion

BREAKING: Large explosion near the Pentagon
[NOT CONFIRMED YET]

Note: MU
trouble in semiconductor land,
but it appears that other semis are trying to hold steady-ish [PLEASE double check this]

This is interesting because it's usually the other way around
.... usually SPY makes a fresh high and BPSPX may diverge red.
Today BPSPX is confirming SPY's attempt to go higher.
Hourly

"St. Louis Fed President Jim Bullard expects two more rate hikes this year and downplays US recession odds. Yields on 2-year Treasuries show an uptick.


[Today's odds of a rate hike according to the CME is 23%]

FED'S KASHKARI: IT MAY BE THAT WE HAVE TO GO NORTH OF 6%, BUT NOT CLEAR
[Kashkari usually shoots from the hip and has long been accused of being a moron.]

"Shares of Micron (MU) are down over 6% in premarket trading after China banned the company's products from its "critical infrastructure supply chain" following a nearly two-month review. While Micron is the biggest memory chipmaker in the U.S., with more than a quarter of its sales g...

Fraudulent jobless claims in Massachusetts have cast a shadow on the nature of economic data gathering and reporting, though there had been no shortage of skepticism beforehand - in terms of statistics published by the federal government. Things have grown increasingly political in recent years, whi...

"The Nasdaq is on the verge of exhaustion, says famed technical strategist Tom DeMark"
https://www.msn.com/en-us/money/markets ... r-AA1biGU9

DIS
"DISNEY HAS PULLED THE PLUG ON BUILDING A $1 BILLION DOLLAR COMPLEX IN FLORIDA AND RELOCATING OVER 2000 EMPLOYEES TO FLORIDA FROM CALIFORNIA DUE TO ITS FEUD WITH FLORIDA GOVERNOR RON DESANTIS."

SPX, pink- box target shows new high
But the analysts: NYAD, NAAD, show divergence at the moment

[Tom McClellan]
"Copper Shows Bearish Message For Stocks
https://www.mcoscillator.com/learning_c ... or_stocks/

Bad bank today, again
SI


PACW continues rally

ROST reports earnings after the close but this morning's news is:
"Ross Stores Announces Quarterly Dividend"

Note WMT, earnings beat

Earnings: Thursday, May 18 - Walmart (WMT), and Ross Stores (ROST).

8:30 Initial Jobless Claims [Weekly Initial Unemployment Claims decrease to 242,000]
8:30 Philly Fed Business Outlook
10:00 Existing Home Sales
10:00 E-Commerce Retail Sales
10:00 Leading Indicators
4:30 PM Fed Balance Sheet