Cobra's Market View

EARNINGS:
Tuesday, July 18, before the open: BAC, BK, SCHW, MS

Note STT drop
https://www.ft.com/content/95c41cd1-ce6 ... hoo/auddev

EARNINGS:
Friday, July 14, before the open: BLK, WFC, JPM, C, UNH

Yesterday Microsoft confirmed more job cuts
https://www.cnbc.com/2023/07/10/microso ... nuary.html

THIS MORNING, Art Cashin, BULLISH
https://www.cnbc.com/video/2023/07/12/s ... ashin.html

TODAY:
[Associated Press]
"Bank of America must pay more than $100 million to customers for double-dipping on some fees, withholding reward bonuses and opening some accounts without customer consent. The bank serves 68 million people and small business clients.

[WARNNG: Political]
MyPillow
https://www.startribune.com/mypillow-is ... 600288705/

Perhaps META will break out, because of yesterday's news: "Twitter traffic is ‘tanking’ as Meta’s Threads hits 100 million users [vs Twitter's roughly 240M daily active users] https://www.cnbc.com/2023/07/10/twitter-traffic-is-nosediving-as-metas-threads-hits-100-million-users.html Those follow...

Upcoming rebalancing of $NDX: Nasdaq has only conducted a special rebalance twice in the past - in December 1998 and May 2011. The rules state that action will be taken if the aggregate total of all stocks with individual weights above 4.5% in the index exceeds 48% (currently, the "Magnificent ...

ROUNDUP from Friday, except where another date is noted: [Spot Gamma:] The key takeaway from this past holiday shortened week was: put demand cratered ...despite that volatility spike on Thursday AM and the large reversal yesterday [Friday]. [Jesse Felder referencing Tom McClellan] 'Right now, the ...

RE: minutes
https://www.cnbc.com/2023/07/05/fed-min ... 2023-.html

6/30/23
JUST IN: Bank of America, BAC, is facing $100 billion in paper losses in bond markets, according to FT [Financial Times].
These losses are reportedly due to interest rate increases, the same reason that SIVB and FRC collapsed.

Student loan payments to resume as early as August 29, 2023, per the latest update from the U.S. Department of Education. The average payment on student loans (roughly 44 million people) runs at about $389 a month. On the surface, the restarting of payments does not sound like a “big deal,” IT IS......

[Urban Camel, Fundstrat]

FEAR & GREED INDEX
80
"Extreme Greed"
https://www.cnn.com/markets/fear-and-greed

Note: NKE
posted its first earnings miss in three years.

"We polled about 400 chief investment officers, equity strategists, portfolio managers and CNBC contributors who manage money about where they stood on the markets for the third quarter and forward. The survey was conducted over the last week." [SPOILER: Sixty-one percent of respondents be...

ALL LEVERAGED
Look who's up 47% in 20 days

TODAY: Fed Chair Jerome Powell is participating in a panel discussion today at the European Central Bank (ECB) Forum on Central Banking 2023 in Sintra, Portugal. From Jeff Cox at CNBC: Powell says more ‘restriction’ is coming, including possibility of hikes at consecutive meetings. Excerpt: “We beli...

Note WBA
they cut 2023 outlook