Cobra's Market View

"Oil hits highest level in 10 months"
Performance chart, 60min, 20 days:
USO is dashed lime

SPY top holdings
daily %

I think NVDA reports tonight
please double check

SPY (purple) and her top holdings
YEAR TO DATE

These are all leveraged, 2 months performance
It looks like semis (gray) are dragging everybody down

NASDAQ no longer leading the SPX – what this means for the market:
https://quantifiableedges.com/nasdaq-no ... he-market/

Average consumer carries $5,947 in credit card debt — a 10-year high
https://www.cnbc.com/2023/08/10/average ... -high.html

EARLIER THIS MORNING: The consumer price index rose 3.2% from a year ago in July, slightly below expectations. The core CPI ran at a 12-month rate of 4.7%, also below the estimate. Both measures were up 0.2% on the month. Almost all of the monthly inflation increase came from shelter costs, which ro...

Nomura's Charlie McElligott calls the VIX "nervous and squeezy".
https://www.zerohedge.com/markets/nervo ... vixplosion

AAPL and AAPL volatility-inverted ($ONE:$VXAPL)
DAILY

"The Magnificent 7 drove 100% of S&P 500 returns from the start of the year until the end of May resulting in massive outperformance of the cap-weighted index Stocks most overweighted by hedge funds: Stocks most underweight by hedge funds: https://seekingalpha.com/news/3997250-stocks-most-l...

LONGER TERM: FORMER BULL is extremely bearish on both equities and the economy right now. "The soft landing charade is exactly that - a charade.... The moral of the story is that technical analysis is a joke and nobody really knows jack shit about where the market is going from here. But one th...

META gap
and 52 week high

[Schwab]

Markets are pricing in an absolute certainty that the Fed will approve a quarter percentage point hike that will take its benchmark borrowing rate to a target range of 5.25%-5.5%.

https://www.cnbc.com/2023/07/25/heres-w ... esday.html

NASDAQ rebalanced today [Bespoke]
https://www.investors.com/etfs-and-fund ... surprises/

Some key sectors, 20 days performance:
TRANSPORTS, brown, lead here at +9.21% over the last 20 days

NFLX now down -7.31%
TSLA now down -4.09%

LAST NIGHT: Netflix (NFLX) dropped over 8% AH on Wednesday on mixed earnings report and soft revenue guidance despite a ramp-up in new subscribers and a company pivot going according to plan. Tesla (TSLA) shares were initially unchanged after the EV maker's numbers topped estimates, but the stock fe...

EARNINGS:
Wednesday, July 19, before the open: GS,
Wednesday, July 19, After The Close: TSLA, IBM, NFLX