Cobra's Market View

Gold index is green, Bond index is green, Bank index is green, SPY is green. Today must be a green day.

I don't know if buy the dip is better or buy the "V". I almost put my order in for FAs at 61.95 and it did not go through and I cancelled it. Now it is dropping 61.72.

In My opinion , Just an opinion, We are not out of the wood yet. Lower low is very possible but anything possible. US high yeiled index option adjusted spread should not go in the same direction as SPY. We will have rally but not without the banks.

Staring Friday low 433.01 and going up to SPY 438.89 today and drop 435.XX is almost 61.8% fib level. Let's see if any buyers step in.

Maybe we are retesting the lower low of Friday. Looking at bank index from Jan 2023, we never had 6 days in a row selling except in March. Today is not over, anything can haapen till 4 PM. Bulls can rally anytime, but Banks and Brokers need to rally with them. (IMO)

Gap closed

Bank index is in red, lower BB. Brokers overbought now.

What was weired about today, Bank index did not drop much TODAY. US high yeiled index option adjusted spread dropped. It should have gone up with $SPX going south. Tomorrow will be interesting .

With Banks are in green, it is hard to believe that this matket wants to down. High yeild index option adjusted were prininting lower as of yesterday, it should have been higher since the market went down yesterday. As long as Boank index is green, we are going up in my opinion,

In the past couple months, July CPI day, market opened higher and closed lower by the end of day. In June CPI day opened lower and closed higher. Let's see how we close today. Let's see if Smart money buys at this high rate.

I hope this is not a fake move down, yesterday the high Yeild Index printed lower. It did not make U turn up yet for few days to give a direction. I think we stll have one tiny wave to finish upward trend.Defensive, XLV, XLP are moving but they are not very strong yet.

By Aug 4th , 80% of the $SPX finishing their earnings. 7/17 was the first day that High Yeiled Index option adjusted spread hit the lowest part Bolinger band. As long as sellers selling to retail traders, this Christmas in July contniues for retail traders. Market can not go up forever, SPX is 89.31...

This is Ticker Cloud from stockchart, popular symbols that people search in past 15 mins. aapl adbe afrm ai amd amzn apa arkk baba bac bkng boil bynd cat clf coin crm crwd cvna cvs cvx dia dis docu drip dust efa enph f fcx fngd fngu fslr ftnt gdx gdxj gld gme gold goog googl gush hgu.to hyg ibb igv ...

I have been reading Master Cobra's blog form many years ago since you had your Avatar of Ben Bernanke. Cobra,Cool dude that does not censor anyone's comment.

Cobra,
thank you for telling us about UFO called P Bar back in 2010. I was not a believer then but I am now.

Bespoke
@bespokeinvest (17hr ago tweet)
Average performance in May:

10 largest S&P 500 stocks: +8.9%
490 smallest S&P 500 stocks: -4.3%

I read it as there are 490 stocks investable.

https://twitter.com/bespokeinvest?ref_s ... r%5Eauthor

The Senate passed a bill late Thursday evening to suspend the nation's debt limit through January 1, 2025, averting a first-ever US default just days ahead of the deadline. The House earlier this week already passed the measure, which can now be sent to President Joe Biden to be signed into law.

Al_Dente,
I am stealing your ROC.

:mrgreen: 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...

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.

$XBD with SMA 200 response was for someone who stated $XBD has not reached to SMA 200 yeaterday. It is just a tool like any other tools to capture the direction of market faster for daytrading. It is not intended to scare anyone. It could go any directions.