Cobra's Market View

6/12
According to the Federal Reserve Bank of New York, consumers now owe a record $988B on their cards, up 17% from a year earlier .... with the average annual percentage rate now over 20%

Relative Strength v SPY (Who is stronger than SPY?)
On the WEEK
I was a bit surprised to see Homebuilders on top.
Rotation is obvious with Technology way down there this week

If we can hold the BOX breakout, we now have a target, cyan
60min

$3,499 headset
Here’s what everyone is saying:
https://www.cnbc.com/2023/06/06/apple-v ... aying.html

MRK sues the government because they don't want to slash drug prices.
https://www.cnbc.com/2023/06/06/merck-s ... tions.html

[SENTIMENT TRADER] LOBO is an acronym we coined for Large-Only [50 contracts or more], Buy-to-Open optons. LOBO Put Call Ratio: This ratio focuses on large traders to get a better feel for what they're trying to do. .... this ratio is best used in a contrary manner https://mailchi.mp/sentimentrader/...

The AAPL event starts at 10:00 Pacific time
this link might work:
https://www.apple.com/apple-events/

[Bloomberg] "I looked at all the times the S&P 500 had been driven by as narrow leadership as we have today.... it’s not an uncommon occurrence." What followed was well above-average forward returns in the index. https://www.zerohedge.com/markets/will-very-narrow-breadth-lead-broad-equ...

June 2
The top 10 make up 34% of the S&P 500 now.
B of A calls it “The Magnificent Seven.”
AAPL, MSFT, GOOGL, META, NVDA, TSLA, AMZN
[Bloomberg, Northman Trader, Carl Quintanilla, BofA]

KRISPY KREME
Friday, 6/2 Only!
ANY DOUGHNUT FREE, IN SHOP
to Celebrate National Doughnut Day!

DELL halted, reported earnings early, resumed trading
UP

Jeremy Siegel is on CNBC right now saying NO IT'S NOT A BUBBLE YET
"NOWHERE NEAR"

Yesterday David Rosenberg said “No question that we have a price bubble”

At a 5.65% yield, junk is slow to sell off too much (but lower lows). Junk's best friend, IWM, had a double bottom and now higher lows. DAILY A story this morning said the junk bond market is preparing for many bankruptcies... unfortunately I lost that link :roll: :roll: DAILY Here's that source: &...

Note: DG
Missed earnings.
Largest Drop in 7 Years.
OUCH

This is a measure from Art Hill, DAILY: https://stockcharts.com/articles/arthurhill/2023/05/three-rocs-can-be-better-than-317.html ROC = the percentage change over the given timeframe. 100 (green), 150 (yellow), 200 (red) days ... should not falter on any time frame... If all up: should have tradabl...

At a 5.65% yield, junk is slow to sell off too much (but lower lows). Junk's best friend, IWM, had a double bottom and now higher lows. DAILY A story this morning said the junk bond market is preparing for many bankruptcies... unfortunately I lost that link :roll: :roll: DAILY Screenshot 2023-06-01 ...

$VIX
The last two times the VIX entered a 15 handle, it immediately bounced all the way back above 20.
Is this time different?
We will find out soon.
[Heisenberg]

Note: Hormel Foods HRL, on reaction to earnings.
I love their chili beans, which have doubled in price.

High Net Worth investors hold record cash [CNBC, now]