05/04/2023 Live Update

[Cobra]

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Double bottom or not, wait and see.

[Al_Dente]

8:30 Initial Jobless Claims [US Jobless Claims Rise Most in Six Weeks, Continuing Claims Fall... At same time, recurring applications fell by most since July]
8:30 Productivity and Costs
4:30 PM Fed Balance Sheet

[Al_Dente]

IPO: Johnson & Johnson (JNJ) spinout Kenvue, is set to trade this morning under ticker symbol "KVUE," priced on the upper end of their previously issued range, raising $3.8B and giving the healthcare carve-out a valuation of $41B. Previously known as J&J's consumer products division, Kenvue produces medicines and brands like Aveeno, Band-Aid, Tylenol and Listerine, as well as J&J baby powder which has been at the center of major lawsuits.

Maersk, a bellwether for global trade, reports a 56% decline in first-quarter operating profit and signals weaker results for the rest of 2023

Bud Light brewer AB InBev, the world’s largest brewer, reports profit growth that beat analyst estimates

Shell maintains the pace of share buybacks as it reports another strong quarterly profit despite lower oil and gas prices

[Al_Dente]

TODAY'S crisis-du-jour:
PACW is failing [halted twice already this morning].
BANKS, intraday, sorted red

[Al_Dente]

BANK WATCH, daily charts

[Serenity]

As bank drama continues, DSPT (Direxion Reginal bank bull etfs) dropping to $3.88 from $6.88 yesterday. This ETF does not have a bear etf pair.

[Al_Dente]

As bank drama continues, DSPT (Direxion Reginal bank bull etfs) dropping to $3.88 from $6.88 yesterday. This ETF does not have a bear etf pair.

THANKS BOSS
I can't get DSPT on stockcharts

[Cobra]

Members only update at 10:00 am
http://www.cobrasmarketview.com/2023/05 ... ay-update/

[Al_Dente]

A random local poll:
Do you think more regional banks will collapse?
91% yes

[Al_Dente]

60 min
NYAD divergence (that can be easily cured)
SPX testing support again
Sentiment: 1/VIX bear-SPX at the moment

[Al_Dente]

[quote="Al_Dente"]IPO: Johnson & Johnson (JNJ) spinout Kenvue, is set to trade this morning under ticker symbol "KVUE," priced on the upper end of their previously issued range, raising $3.8B and giving the healthcare carve-out a valuation of $41B. Previously known as J&J's consumer products division, Kenvue produces medicines and brands like Aveeno, Band-Aid, Tylenol and Listerine, as well as J&J baby powder which has been at the center of major lawsuits.

UPDATE: opened at 22.00
stockcharts, daily

[Serenity]

As bank drama continues, DSPT (Direxion Reginal bank bull etfs) dropping to $3.88 from $6.88 yesterday. This ETF does not have a bear etf pair.

THANKS BOSS
I can't get DSPT on stockcharts

Good. You don't want to look at it . It is depressing.
try DPST, Not DSPT. My bad.

[brokebybernacke2]

historical times...loss of confidence in many systems....

[Al_Dente]

As bank drama continues, DSPT (Direxion Reginal bank bull etfs) dropping to $3.88 from $6.88 yesterday. This ETF does not have a bear etf pair.

THANKS BOSS
I can't get DSPT on stockcharts

Good. You don't want to look at it . It is depressing.

[Trades w 2 Cats]

I don't usually post this chart because I try to keep a proprietary wave count on it. But given the count is now busted-
This is my attempt at an hourly chart using ticks and without equal bar spacing. Bottom line is the Fed is not going to destroy the dollar yet. Yellen at Treasury is doing her best with the new operation twist buyback proposal. Anyway with 2.2 trillion in losses on the books of the regional banks, Commercial real estate becoming the new sub prime loans and Domino's Pizza reporting sagging sales this is not a surprise. Not sure when the sucker rally is officially over but this sure doesn't look like a new bull market at this point.

[BullBear52x]

A lower closed, daily LL, the bears will regain sell rips coupon, buy dip will fail.

[Serenity]

Al-Dente,
DPST.

[Trades w 2 Cats]

I haven't checked in on her twitter feed for a couple of weeks. I do not necessessarily agree with her count but we are in the range for a really horrific primary 3 down. Saw a comment the other day that anyone who is working age today and under the age of 60 has never experienced a traditional recession. Their entire adult life Greenspan, Bernanke and Yellen have printed money and manipulated (suppressed) interest rates to 'Manage" our economy.

[Al_Dente]

Al-Dente,
DPST.

YES. thanks boss

[BullBear52x]

Intraday momentum corner: The next bearish crossed with no new LL, the bottom is in or near.