05/16/2023 Live Update

[Cobra]

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In range, no direction, maybe bias is a little bit up because the low got much higher each time while the high just got a little lower.

[Al_Dente]

Note HD, earnings miss

[Al_Dente]

Sam Altman was the co-founder of Loopt, and is the CEO of OpenAI. He will participate in a bipartisan discussion in Congress TODAY on the topic of AI and the future. Please post a link when you find one.
OpenAI is now one of the fastest growing websites on the planet and is closing in on generating one billion unique visitors per month.
Also AI:
"The Lowly Humans Helping Run ChatGPT Make Just $15 Per Hour
... We are grunt workers... "
"OpenAI had previously outsourced work to Africa, where it could get away with paying workers as low as $2 per hour."
https://www.zerohedge.com/markets/we-ar ... st-15-hour

[Al_Dente]

"JPMorgan has actually convened a war room that will soon be meeting three times per day."
https://dailyreckoning.com/jpmorgan-opens-war-room/

[Serenity]

Sam Altman was the co-founder of Loopt, and is the CEO of OpenAI. He will participate in a bipartisan discussion in Congress TODAY on the topic of AI and the future. Please post a link when you find one.
OpenAI is now one of the fastest growing websites on the planet and is closing in on generating one billion unique visitors per month.
Also AI:
"The Lowly Humans Helping Run ChatGPT Make Just $15 Per Hour
... We are grunt workers... "
"OpenAI had previously outsourced work to Africa, where it could get away with paying workers as low as $2 per hour."
https://www.zerohedge.com/markets/we-ar ... st-15-hour

Talk about Stagflation when AIs take over in future. IBM got rid of 7000 employees, using AIs as workers.All the 10 stocks in QQQ are up because of AIs. Forward PE ratio is lesser now.

[Al_Dente]

Sam Altman ..... CEO of OpenAI.....Congress TODAY on AI and the future. Please post a link when you find one.....

Talk about Stagflation when AIs take over in future. IBM got rid of 7000 employees, using AIs as workers.All the 10 stocks in QQQ are up because of AIs. Forward PE ratio is lesser now.

Thanks Boss

[Al_Dente]

13F season, FWIW:
Big bets on AI: Stanley Druckenmiller's Duquesne and David Tepper's Appaloosa showed sizable positions in stocks benefiting from the artificial intelligence boom, such as AI-focused Microsoft (MSFT), as well as Nvidia (NVDA), which is up over 100% YTD. Other bets centered around Google parent Alphabet (GOOG), healthcare company IQVIA (IQV) and Cathie Wood's ARK Innovation ETF (ARKK). Bill Ackman's Pershing Square and Daniel Loeb's Third Point also upped their stakes in Alphabet, which hastily released a chatbot called Bard in March after Microsoft poured billions of dollars into ChatGPT maker OpenAI.

Michael Burry ("The Big Short" guy) took stakes (long) in bank stocks like PacWest (PACW) and First Republic (FRCB).
Former Silicon Valley Bank (SIVBQ) CEO Greg Becker will also apologize before the Senate Banking Committee later today, but will reiterate that any bank could not have "survived a run of that velocity and magnitude."

Warren Buffett: Berkshire Hathaway (BRK.A, BRK.B) took new stakes in Capital One Financial (COF) and alcoholic beverage maker Diageo (DEO), while divesting four other stocks including Taiwanese chipmaker TSMC (TSM) and furniture retailer RH (RH). The Oracle of Omaha also upped stakes in Apple (AAPL) and Occidental Petroleum (OXY), but reduced holdings in Chevron (CVX) and several others.
[Seeking Alpha]

[Cobra]

Members only update at 10:05 am
http://www.cobrasmarketview.com/2023/05 ... ay-update/

[Al_Dente]

Bank trouble, du jour:
SI

[Al_Dente]

Tiny little breakout high on QQQ (or double top?)
No breakout on SPY

[Al_Dente]

SPY DAILY, short term swing
I will happily swing bull when the NYAD does (bottom panel).
ps: SPY Wedge ... double-bottom support at 403-ish, which is also the neckline (cyan) for the unconfirmed H&S
... the pink line is the bullish reversal gap which bulls must hold

[Cobra]

Higher low?

[Al_Dente]

Here is how Yield TNX lines up with SPY... usually Yield up, SPY down.
Not a perfect correlation, but nothing's perfect.
Ignore vertical lines, I'm just focusing on the green (bull SPY) and red (bear SPY) shaded areas as TNX signals
DAILY

[BullBear52x]

Magic number 4127 /ES is still playing a good support.

[BullBear52x]

Retails looks like IWM, it is health of US economy, looks like it is about to retest the recent low.

[jademann]

wow I never seen such a stale market! same price for months.

[Cobra]

Members only update at 12:10 pm
http://www.cobrasmarketview.com/2023/05 ... ay-update/

[BullBear52x]

Junk bond, why buy HYG when you have FANG

[BullBear52x]

look at AD issues, bull/bear back and forth at mid band. no clear winner but more negative than positive A/D in the last 8 trading days.

[BullBear52x]

Inside day, pick your poisons.