Cobra's Market View

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The rebound has been strong so shall have legs.

Gap play, bullish bias.

Good follow through with green shoots and Fear not!

That is El Zorro as a kitten. He is not amused to call this a dead cat bounce! Right now it is looking pretty pathetic. The question I am looking at is where will it find support.

Market might just be kicking around today waiting to hear what Trump says in his speech tonight. I’m interested as well.

Not seeing any strong clues as to where support is.

Tanker rates through time.

/ES VPOC is sitting at 6642ish, chop zone around here, see SPX chart.

Not a recommendation. This is a standard list of Tanker stocks. Many pay out majority of earnings in dividends. Personally, I hope this war ends soon so the straights can reopen. When they do rates will fall fast and take the stocks with it. However some are locking in with time charters so it could become an interesting situation.

From Julie Wade on x I have learned that BTIC (Basis Trade on Index Close) for S&P 500 is $43.95. So Dealers hedging S&P 6600 are using ES 6643.95. So That is the level to watch this afternoon.

Consolidation, breakout is more likely.

It's the very first test of EMA20 today should attract some buyers.

SPY 15 minutes.

Up. Up. And up.

We are two weeks from the start of earnings season. We are moving into the normally bullish months. However second quarter in this part of the presidential cycle is not always bullish. Clearly we will know in a month. In the mean time here is a positive count. Expect a pullback for a wave 2 and then we should get a 3 to ride through earnings. IF the Bulls take control.

SPY 5 mintes.

Gap and go, so far.

Hope lives.

Great follow though, at the least sone sort of a bottom is in, swing setup dip will be bought, until then...... Peace!

SPY daily.

Gap up. Bullish candles.

Up to the EMA 20.

The bigs are betting on the bulls. Living with hope, as they traditionally do.

But the Strait of Hormuz is not open.

If the bombing stops, will Iran let the ships pass? Not so easy, imo. They will not just ''take their lumps,'' and forget about the damage, methinks.

The world economy is still at risk, and so goes the stock market, imo.

We will see.

The pullback may have legs.