Cobra's Market View

............- Almost EVERYTHING right now can't be verified and should be taken with a grain of salt Re the stock market and the invasion -- the whole world is interconnected now. Everything affects everything. Thanks boss ..... :D more from mario: Many private jets in the Moscow area are flying wi...

[TODAY from Mario Nawfal... Elon Musk retweeted this and said: "Best coverage of the situation I’ve seen so far is from Mario"] As the coup continues, here's the latest updates from our various sources live on the ongoing Twitter Space: - Worries of the Russian Nuclear Warheads moved to Be...

SEASONALITY CHART for July shows up up up!!

FEAR AND GREED INDEX
https://www.cnn.com/markets/fear-and-greed

There hasn't really been extreme selling volume (red) since March.
You could argue that without extreme selling volume, it's hard to locate a bottom... without a bit of a wash-out...
[Not shown here: the last extreme BUYING volume event was in May].

RELATIVE STRENGTH vs SPY
on the WEEK

SPY testing neckline of H&S, cyan
60min

Powell testimony begins
(Does anyone have a link?)

Powell expects more Fed rate hikes ahead as inflation fight ‘has a long way to go
https://www.cnbc.com/2023/06/21/powell- ... to-go.html

Powell will answer questions from the Senate Banking Committee at 10 AM ET and appear before the House Financial Services Committee on Thursday.

YIELD

THIS MORNING: Housing Starts: "Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,631,000. This is 21.7 percent above the revised April estimate of 1,340,000 and is 5.7 percent above the May 2022 rate of 1,543,000. Single-family housing starts in May were at a ...

This overextended thing is not new.
Last year QQQ fell from it's nosebleed highs (black).
This year, as we all know, it's gunning for nosebleeds again.
Fall it will, likely when we least expect it.

WEEKLY chart.
Last year, at the Jan 2022 high, QQQ gave us the gift of a negative divergence (red) with SPY.
This year, that's what I'm Waiting for Godot

6/17/23 The S&P 7, also known as NVDA AAPL TSLA MSFT GOOGL META and AMZN, is now up roughly 60% YTD. These 7 tech stocks now represent ~30% of the entire S&P. Meanwhile, the remaining 493 companies in the S&P 500 are now up just 3% YTD. All together, the S&P 500 is up 15% YTD. [The K...

The Trump fundraiser will be live on all media soon
NOW: a bomb threat

BOX targets, cyan, met this morning
60min

Note ORCL
beat earnings

May CPI shows inflation at 4.0%, below expectations of 4.1%.
Core CPI comes in at 5.3%, in-line with expectations of 5.3%.
CPI inflation has now declined for 12 consecutive months.
The Fed may finally be winning the fight against inflation.... may be a pause in rate hikes tomorrow