Cobra's Market View

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The very long lower shadow after the inflation data actually confirmed the range low, so now we have the range high and low.

Small gap down so likely just a range day.

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6 percent in May on a seasonally adjusted basis after rising 0.8 percent in April, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 5.0 percent before seasonal adjustment; this was the largest 12-month increase since a 5.4-percent increase for the period ending August 2008

In the week ending June 5, the advance figure for seasonally adjusted initial unemployment claims was 376,000, a decrease of 9,000 from the previous week's unrevised level of 385,000. This is the lowest level for initial claims since March 14, 2020 when it was 256,000.

I am staying with existing contract switching in Monday.

Anyone checked the price of a used pickup truck lately?

"Used cars and truck prices continued their climb higher, rising 7.3% on the month and 29.7% for the past 12 months. The new vehicles index increased 1.6%, its biggest-single month gain since October 2009 and was up 3.3% for the 12-month period, the highest move since November 2011.

However, the energy index was about flat for the month despite the huge run-up in gasoline prices this year, while the food index repeated its April rise of 0.4%.

The gasoline index is up 56.2% over the past year, part of an overall 28.5% increase in energy during the period. Food prices have remained comparatively tame, up 2.2% for the 12-month period."
Source: CNBC

SPY 5. Up from yesterday's close.

Dow 30. Almost all green. WBA leading. NKE trailing.

Finally turtle SEC yesterday decided to investigate HFT abuses, focusing on “payment for order flow”
https://www.zerohedge.com/markets/sec-l ... to+zero%29

They may also revise insider selling rules, because SURPRISE: the current rules benefit insiders
https://www.zerohedge.com/markets/secs- ... to+zero%29

Index ETFs. All up except IWM.

Alternatives. DBC, IYR, SPYG, SPYV, USO up. GLD flat, chopping. UUP up then crash.

https://www.marketwatch.com/

The usual pattern would be touch the ema20 then up and up till the close which is a typical slow bull day. The rare pattern is go all the way down. The less rare pattern is down up down up... making a typical range day.

4230 is key number to hold, for now let see what the MA support reaction will look like first.

The Short smalls is running away with it so far this morning.....

I remember this bit of wisdom from Cobra the other day.


"Most breakouts simply are false"

Touch ema20 as expected, now let's see whether bulls are willing to stand here, key time.

jaguar6992 wrote:I remember this bit of wisdom from Cobra the other day.


"Most breakouts simply are false"

Thanks.

I usually book profit on breakout. Guess lots of people have the same thoughts and this is why usually the very first breakout simply is false.

Call buyers are lucky this morning but not for long.

when in doubt, zoom out

2x top selling is not a bad stat after all 75.1% success rate it is.