04/20/2023 Live Update

[Al_Dente]

EARLIER TODAY:
10:00 Existing Home Sales
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – fell 2.4% from February to a seasonally adjusted annual rate of 4.44 million in March. Year-over-year, sales waned 22.0% (down from 5.69 million in March 2022).

[Cobra]

Members only update at 12:03 pm
http://www.cobrasmarketview.com/2023/04 ... ay-update/

[theRASPYone]

I was thinking SPY 420 for 4/20 but looks like a long shot away! Have a happy stoner day y'all. And thank you Cobra letting us chime in, and share charts and news here!

[JFR]

Fear of market crash?

Not this trader. That creates numerous value plays.

However, this is an interesting article, acting like a Harbinger of Doom, with a Black Swan Event for the stock market.

https://www.marketwatch.com/story/these ... =home-page

Bierman, an adjunct instructor at Loyola University’s business school, explains that bitcoin BTCUSD, gold GC00, the S&P 500 SPX, bonds and oil have been “moving together in automatic serial correlation, driven simultaneously by algos,” that is, computer-driven trading algorithms used by Wall Street firms, hedge funds and other big investors.

“There’s nowhere to hide, no diversification in this type of market. This is a black swan event. It’s a bubble that can be burst at any time by an exogenous cataclysmic risk event or any number of factors,” Bierman tells client in a new note, adding that it’s “highly likely” this will mark the beginning of the end of the 2023 stock market rally.

“The market is technically overbought, fundamentally overpriced, has virtually no risk priced in (the VIX is at 17), and is sitting on a mountain of complacency. This is a witch’s brew for the pain trade to the downside,” he said.

Not my data. Not my chart. Not my opinions.

[JFR]

ES 5 minutes.

Getting squeezed by the wedge. Looking for a breakout, up or down.

Taking a break ...

[merryme]

Still watching TSLA meander...No panic in TSLA, no panic elsewhere!
Could be a shakeout and it moves right back into the range. Waiting for EOD.
Watching the slopes of the breaks.

At&t is having a bad day.

[te_fern]

I saw that too Merryme, ATT down 10%.

[te_fern]

AT&T revenue and earnings slipped in the first quarter from a year earlier, but the real news was a slowdown in subscriber growth for its postpaid phone plans.

Barrons

[te_fern]

After the double bottom, a grind higher......

[te_fern]

Sorry about the circle....:LOL!

[te_fern]

Maybe trying to close this morning's gap at the open......

[Cobra]

This bull shall have legs. Once again bear's attempt failed.

[JFR]

ES 5 minutes.

Strong breakout. Those darn bulls.

All the way to the Pivot, where it hits the pause button.

[Trades w 2 Cats]

yesterday's close is a point or two below VPOC for yesterday and the day before (extended hours sessions). Talk'en 4180 here so in my free opinion if the up move doesn't kiss that level it is over for now. Expect we will be rocked back and forth into the close as all the Fed speaker speeches are released for the algos to "read"

[JFR]

ES 5 minutes.

Pullback to the EMA 20, and beneath.

[JFR]

Dow 30.

Two leaders for the bulls. Two laggards for the bears. With chart patterns I like.

[Cobra]

Double top? At least bears did better than yesterday so far.

[te_fern]

Good call Cobra, almost back to the lows of the day....

[JFR]

Alternative markets.

Risk off, as I see it.

GLD TLT up.

SPYG SPYV USO DBC down.

[te_fern]

Did one of the Fed speakers say something??