06/01/2023 Live Update

[BullBear52x]

$VIX extreme overbought/oversold.

[JFR]

DIA IWM QQQ SPY daily.

DIA, beneath the EMA 20. Bias is flat.

IWM, hanging on the EMA 20. Bias is flat.

QQQ, bullish marubozu. Bias is back to long. But only for day trades and scalps at this time.

SPY, stuck in the trading range. Needs a breakout.

Just in my opinion. And the day has a ways to run.

[Al_Dente]

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
DAILY

[Serenity]

On Dec 2021,
RSP:SPY ratio=0.33579, Dec 2022=0.37432 and as of now is 0.3337
on QQQ
QQEW:QQQ=0.2928, Dec2022=0.3374 and as of now is 0.2912
RSP and QQEW are equal weight to SPY and QQQ. RSP has %16 allocation to Tech sectors while SPY has almost %40 Tech sectors.

[Al_Dente]

This is a measure from Art Hill, DAILY:
https://stockcharts.com/articles/arthur ... n-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 tradable pullbacks ...
Note: AT THE MOMENT, ROC-200 ON SPY IS RED

[Al_Dente]

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

[jademann]

Long SPXU at 12.54. Adding more if needed.
VIX = 15.8 lol. No worries out there.

[BullBear52x]

This week close will be interesting to see. we are going into second week of negative $BPSPX, no pullback from here that means the AI is working just like that MMT (Modern Monetary Theory) lots of rabbits under the sleeves aren't we?

[Serenity]

There are tons stocks that still can be daytraded. I still don't trust inverse etfs, even internal market is bad.

Today's Bloomberg Headline News, another victory for Elon Musk,
Elon Musk’s SpaceX Wins Pentagon Deal for Starlink in Ukraine
Pentagon won’t disclose contract value or terminal quantities.
I guess that explain why CWEB, China's internt eft is up.

[Al_Dente]

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
DAILY

Here's that source: "Preparation is underway for a wave of defaults in the high-yield credit markets as the boom-and-bust cycle returns in 2023. Deutsche Bank issued its 25th annual Default Report and sees the default rate on U.S. junk debt spiking to a peak of 9% of issuance by the end of 2024 vs. 1.3% in 2022. [Seeking Alpha]

[Al_Dente]

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”

[Al_Dente]

DELL halted, reported earnings early, resumed trading
UP

[Serenity]

Al_Dente,
I am stealing your ROC.

[Cobra]

Members only update at 3:33 pm
http://www.cobrasmarketview.com/2023/06 ... ay-update/

[Cobra]

Bad close, must be a very good job data tomorrow.

[Cobra]

Members only update at 3:50 pm
http://www.cobrasmarketview.com/2023/06 ... ay-update/

[Cobra]

Well, guess that's it for today. Here's what Friday tomorrow looks like: https://stockcharts.com/public/1684859/ ... /533449397

Thank you guys, I'll see you in another thread soon.

Before the close, please take a little time to vote for me, thanks: https://stockcharts.com/public/1684859/ ... /533449397