05/02/2023 Live Update

[JFR]

SPY daily.

Away from trading desktop. On a tablet.

Big, down day. A bearish marubozu.

[JFR]

Source --

https://www.cnn.com/markets/fear-and-gr ... ess_ribbon

[Cobra]

Members only update at 12:08 pm
http://www.cobrasmarketview.com/2023/05 ... ay-update/

[BullBear52x]

The next shoes to drop is IWM and Transportation then thing will get really messy. Apple and MSFT will be the only two companies left standing to hold up SPY. or are they?

[JFR]

Dow 30.

A sea of red.

JNJ the only one in the green, by a shade. At top two other risk off stocks, PG and MRK.

CVX at the bottom.

[JFR]

Alternative markets.

Downers: DBC IYR SPYG SPYV USO UUP.

Uppers; Two risk off ETFs: GLD TLT.

[Al_Dente]

The market says these are the most endangered banks:
intraday

[Al_Dente]

A reminder that back in the Global Financial Crisis over 150 banks went out of business.
Today, 4 failures already equate to nearly the entire amount of assets financial institutions held during the banking crisis issue of '08 and '09.
https://twitter.com/TaviCosta/status/16 ... 45/photo/1

[Cobra]

It's the very first test of EMA20 in a long time so could attract some sellers.

[JFR]

Banks taking hits today.

$BKX, the banking index, down 5%. KRE, the SPDR S&P Regional Banking ETF, down 6.73%.

NYCB down 6.91%.

PACW down 26.79%.

WAL down 19.43%.

This trader sees many banks as excellent value plays, when they bounce back.

Just in my opinion.

[Al_Dente]

BREAKING: LAWMAKERS URGE FED'S POWELL TO HALT INTEREST RATE HIKES AMID CONTINUING BANKING CRISIS
[unsourced; FWIW]

[Serenity]

In my opinion , Bulls and bears are both getting trapped with this YoYo move.
37% of SPY is Technology and unless they don't get sell off technology, we don't know where are going. 10 tech companies holding QQQ and SPY now.
I am more optimistic for higher level in SPX 500 before market pull back in June and Yesterday Yellen talked about Debt Celing/ defult by June 1st ( it is just bad news).
Bank sectores will get bailed out and get sold to bigger banks.
By May 5th, 87% of SPX companies should finish with their earning report. Like $NIKK 225, we can go side way for couple years before market moves astronimcally going higher. This is not investment market because most stocks are above their PE ratios for now. Only few companies their forwadring PE has higher then current PE ratio to invest in.
This is not investment market in my opnion.
Bank sectors/Financial looks like done for today and ging sideway till other important meeting and earning this week to occur. We are going sideway again. These are only my fuzzy thoughts and not investment advice.

[BullBear52x]

I don't know if there will be a round two of selling. normally with this type of momentum the bottom is in for the day. on /ES side 4127 is the magnet atm.

[BullBear52x]

Pick your poison, the Red or the Blue corner, Peace!

[JFR]

When the timing is right, trending up, as would be seen in the charts, this trader sees these banks as good swing trade value plays.

Just in my opinion.

Have a good afternoon, Everyone.

[Serenity]

Pick your poison, the Red or the Blue corner, Peace!

The elevator is going up to shoe dept. Lets see the boring sideway for now.

[Al_Dente]

A WORK IN PROGRESS
INVERTED
Although the regular VIX traders (lime dash) are initiating some calls,
The one-day VIX traders (black dots) are still hanging on to puts
5min

[BullBear52x]

lately I look at SPX 0-DTE on TOS, it kinds of tell what direction market are moving, I just start to look at it since a lot of talk about it lately. I look at at ask and bid size with high Prob.OTM.
conclusions: the active side Put or Calls with high probability is side that market direction tenses to move to. right now it is down for sure.

It's fun new thing to have on another monitor, who knows it might help on a daily directional in the morning? right now no bid higher than 4155 for bulls, plenty actions for bears side down to whatever. number mention here is on SPX only.

[Trades w 2 Cats]

I saw something recently from some pro showing it is the totals and especially the new positions on 0DE options moving the market. I also have added think or swim so I can grab some popcorn and watch the show!

[te_fern]

IEP, Icahn's flagship is getting whacked after a stock seller's report. Stock down around 25%...