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Misc Stock Market

Oscillator still overbought on SPX...market just won't roll over. So many are expecting a rough 2nd Q but most dips are being bought.

Tech is still very over bought, extended, they bought it up thinking rate cuts are coming fast.

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Many large cap tech charts with big rising wedges. Shorts have been crushed this year so they aren't going to let tech just roll over and make it easy.

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Cold blooded market...SPY had a huge engulfing red daily yesterday and today they gapped it up and pushed it right up to break out level of $412. This is why I don't short. Been scalping stuff here and there.

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KyloG said:
Cold blooded market...SPY had a huge engulfing red daily yesterday and today they gapped it up and pushed it right up to break out level of $412. This is why I don't short. Been scalping stuff here and there.

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Show me that rising wedge!
 
4190 rejected hard today on ES...fairly clear line in the sand. That has to clear for next leg up...surprised the market has held up as well as it has, everyone keeps thinking we are going to get a multi-day/week sell off but so far the mis-direction is winning.

4100 needs to hold...but could totally see them break that level next week and then rip it higher, that's been the play.

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The pain at the banks stopped for the time being. Deposit outflows stopped.

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Not sure what/why this market is getting propped up right now but neg divergence with the oscillator points to SPX falling...but maybe it won't ?‍♂️

Bank earnings were very good on Friday so there's that. But tech earnings start this week.

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The Fed printer is about to go Ctrl P. They are going to be forced to monetize the debt just like they did end of Q3 of 2019. The market is starting to price in more liquidity.
 
Bed, Bath, & Beyond is closing. I still have BBBY, which has become a penny stock in recent months. ? It will be interesting to see how that unwinds.
 
My Spidey senses are telling me to buy some puts 2-4 weeks out. We are approaching 52 week highs and I don't think we have much momentum left. Don't know if we will drop much though. Might sell some call spreads. I will wait for @KyloG to give me permission.
 
Regionals are under fire...I have a feeling it's much worse than they are letting onto. FOMC is going to have spew money to get out of this mess.

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Best part will be when I dont spend or use it all up by a certain date, and forfeit it back to you know who. Good times ahead lol.
 
CHGG destroyed because the CEO worried about AI. I think AI is a thing and will change how we live and work. I do see some jobs becoming obsolete but it will also spur other jobs. Every major technological evolution has done the same.

I am reading how high school students are worried about going into Computer Science for fear of AI. I would be the exact opposite…AI will only change how computer science jobs are done.

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KyloG said:
CHGG destroyed because the CEO worried about AI. I think AI is a thing and will change how we live and work. I do see some jobs becoming obsolete but it will also spur other jobs. Every major technological evolution has done the same.

I am reading how high school students are worried about going into Computer Science for fear of AI. I would be the exact opposite…AI will only change how computer science jobs are done.

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We don’t have AI. We first need a quantum computer which we kind of have but we can’t keep it cool so it melts down. The Chinese tried a quantum computer in space (absolute zero) and it wasn’t cool enough. A human still has to program chatgpt and other “AI” programs. We are still at least 50 years away. Lastly if ASML’s supply chain gets disrupted we got no chance at true AI
 
No snow for you said:
We don’t have AI. We first need a quantum computer which we kind of have but we can’t keep it cool so it melts down. The Chinese tried a quantum computer in space (absolute zero) and it wasn’t cool enough. A human still has to program chatgpt and other “AI” programs. We are still at least 50 years away. Lastly if ASML’s supply chain gets disrupted we got no chance at true AI
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see this Wired article re nuances of LLM's (published on 4/30/23)
the recent 60 Minutes video on 4/16/23 re Google's Bard was fantastic...the poem Bard generated was shockingly moving...
Google's CEO Pichai stated these LLM's may have "emergent properties" (or the sudden appearance of novel behavior)...
I have a ChapGPT account and the interaction (IMO) is revolutionary (and I'm only utilizing ver 3.5, free)
 
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