Cobra's Market View

JUST IN: Total credit card debt in the US has officially crossed $1 trillion for the first time in history. This comes as average interest rates on credit card debt have hit a record high of 25%. The average American family now holds $10,000 in credit card debt, another record. Nearly 40% of America...

ROSIE:
[This is a week old]
“No question that we have a price bubble,” the Rosenberg Research president told CNBC’s “Fast Money” on Thursday.
https://www.cnbc.com/2023/05/25/price-b ... nberg.html

AVGO
[BROADCOM EARNINGS TOMORROW, after the close]

Note AAP
[earnings significantly missed Wall Street’s expectations]

Note SOFI
[news: something about how they will gain from student debt thing, once the debt ceiling bill is voted up]

te_fern wrote:...Thank you! As I start playing with it I may have some questions. Were you always on Schwab or did you move over from TD?

Always on Schwab

te_fern wrote:Anyone else having to transition from TD Ameritrade to Schwab today. I guess I'll have to figure out a new screen setup and how things work!

Fern: Here's my setup on Schwab, 5min, FWIW

FYI:
GEHC spinoff to join NDX-100, prior to market open on Wednesday, June 7.
FISV will be removed from the NDX

AAPL approaching breakout high... or double top?
DAILY

BREAKING:
GS preparing for another round of layoffs

9:00 S&P CoreLogic Case-Shiller Home Price Index
9:00 FHFA House Price Index
10:00 Consumer Confidence
10:30 Dallas Fed Manufacturing Survey
1:00 PM Fed's Barkin Speech

“It’s not a bubble yet.” :o :o "Wharton professor and renowned economist Jeremy Siegel is bullish on a Big Tech boom fueled by artificial intelligence despite concerns of a bubble." https://www.cnbc.com/2023/05/29/its-not-a-bubble-yet-whartons-jeremy-siegel-predicts-big-tech-boom-fueled-b...

Friday QQQ closed 3-standard deviations above its 50ma.
That's extreme.
Historically, a pullback usually follows.

The linked chart "underscores the remarkable YTD outperformance of the unweighted Nasdaq versus the equal-weighted Index. This NDX > NDXE spread is now +11% on the year, by far the widest spread over any 4.5 month period in the last 18 years.” [Lance Roberts, Doug Kass] https://twitter.com/Lanc...

"There is some truth to the idea that underlying breadth is only so-so, but there is also not much evidence that it's a reliable sell signal. For Tech stocks themselves, their recent outperformance may be a decent sign that they'll likely keep outperforming, at least over the medium term."...

Note: BOAT
Global shipping stocks closed just below 200dma, at risk of breaking down. [Callum Thomas]

S&P up 7%+ through the first 100 days of the year.
What happened the rest of the year:
https://twitter.com/sonusvarghese/statu ... 17/photo/1

BIG TECH, 15 minutes, 20 days:

OLD NEWS: "Musk said in a Fox News interview that Twitter runs fine without as many staff now that it’s not operating as a censorship machine against conservative voices."

The gravy train that was First Republic:
"Unnamed Banker" At FRC Earned More Than JPM CEO Jamie Dimon Last Year
[Bloomberg via zh]
https://www.zerohedge.com/markets/unnam ... -last-year