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12:30 (US) SEC Gensler outlines plan for new stock market rules; Would consider routing equity trades into competitive auctions - New rules would mandate market makers disclose more data around payment for order flow fees and timing of trades - SEC rules would include an agency specific...

They were when the free stimulus money was rolling in. Not so much now. You can also see this in graphics card inventories / prices returning to "normal".

09:07 [INTC] CitiGroup Reiterates INTC with Neutral; Expect Intel to negatively pre-announce or miss 2Q22 guidance (update) Yesterday (7 June) at a competitor conference, Intel appeared to talk down the quarter as company management mentioned that circumstances are worse than expected during...

Trading that SPY 407-417 range. Simple as. Break above or below is the move, until then, chop in this zone. (This is the 7th consecutive trading day in this range. Consolidation for a leg higher, or a breakdown to follow.. take your pick)

The PE argument is important because some stocks currently seem discounted from a PE perspective, but once Earnings start getting revised down and / or poor earnings roll in Q2, suddenly those PE ratios start looking heavy again. As @Sanrith Descartes said, zoom out a bit on those charts and...

TGT (Target) revising downwards .. again. Trying to cost cut as transportation and fuel costs are biting. -7.5% premarket That is about a 40% share price wipeout in a few weeks time. Ominus for retail performance.

https://www.businessinsider.com/microsoft-hiring-slowdown-downturn-recession-open-roles-2022-6?r=US&IR=T

I said it last week and will repeat it again today: I am simply calling this SPY 407-416 range "consolidation". Until we break in either direction, we are essentially range bound and in chop. Today is the 6th trading session trading from top to bottom of this range. I have no bets in either...

TWTR drama continues. -7% premarket 08:53 [TWTR] Elon Musk (9.6% stake) reiterates his request for certain data and information necessary to facilitate his evaluation of spam and fake accounts on the Issuer’s platform; Refusal to provide such data is a breach of obligation under the merger...

Fucking awesome Elon.. haha! 03:02 [TSLA] *CEO MUSK PAUSES ALL HIRING WORLDWIDE; NEED TO MAKE ABOUT 10% REDUCTION IN STAFF - PRESS CITING EMAIL STATEMENT - Musk reportedly states he has 'a super bad feeling about the economy'

Bears going back into hibernation for a while. Easily have room to run to SPY 425/430 before next resistance levels

Me two days ago: Like clockwork: 12:02 (US) White House adviser Ramamurti: Administration has considered congressional proposal to tax oil and gas windfall profits

In fairness, the market had some strength the first 40minutes. Despite the lows it kept making, the 5min charts were consistently putting in big bottom wicks (low prices kept being bought up). Brainard's comments pushed us to basically double bottom SPY from yesterday and we have bounced back...

Brainard's comments on "hard to see a case for a pause" is what dumped the market at ~10:15. Last week's bounce was optimism that the Fed will pause hikes after the summer, but more Fed speakers keep downplaying that idea.

10:13 (US) Fed’s Brainard (vice chair): Right now very hard to see case for a pause, seeing some signals of strength on economy but also some signs of cooling - CNBC - Too early to say but some signals suggest heading towards better balance in labor markets - Acknowledges there is a fair amount...

10:00 *(US) APR FACTORY ORDERS: 0.3% V 0.7%E

09:03 [MSFT] Cuts Q4 $2.24-2.32 v $2.34e, Op $20.6-21.3B, Rev $51.9-52.7B v $52.9Be (prior $2.28-2.35, Op $20.90-21.60B, Rev $52.4-53.2B) citing FX headwinds - Cuts Q4 Gross margin $35.45-36.05B (prior $35.8-36.4B) -

09:45 *(US) MAY FINAL S&P/MARKIT MANUFACTURING PMI: 57.0 V 57.5 expected

Yellen Says ‘I Was Wrong’ Last Year on the Path of US Inflation Yellen Says ‘I Was Wrong’ Last Year on the Path of US Inflation No shit Janet. *facepalm*

I am American. Live here in the UK with my Brit wife.

The UK government did the same shit here with a "windfall tax" being levied onto oil and gas companies (supposedly to counter record profits). You can damn well be sure those new tax costs will be passed onto the consumer. We truly live in clown world.

2B buy side moc.

SPY over 2% on the day. Yowza

*Laughs in Carl Icahn*

Posted Weds evening:

Typically agree. However, I am checking my bias at the door today. We have had a very long drawn out drop and we are overdue for an attempted bounce. Bear market bounces can be quite violent to the upside as more pile in worried they missed "the bottom" and fomo sets in and next thing you know...

Some positive news just gave a pre bump. 08:30 *(US) APR PERSONAL INCOME: 0.4% V 0.5%E; PERSONAL SPENDING: 0.9% V 0.8%E - Real Personal Spending (PCE): 0.7% v 0.7%e - Prior Personal Spending revised higher from 1.1% to 1.4% - Prior Real Personal Spending (PCE) revised higher from 0.2% to...

Friday going into a long weekend. Typically the volume will dry up quickly after the first 30-60mins. Don't go out trying to be a hero today.

4B buy side moc

@Zog Bit of a friendly request / advice. When you post charts, include ticker, timeframe, and price levels. You frequently post charts with 0 reference to any of that and the message becomes a bit meaningless re context.

1.8B buy side moc.

Looks like my bullish index thesis panned out today. Somehow I am down 1.5k trying to short SNOW though. Can't fight the Cathie I guess.

Isn't this simply a form of a HELOC?

16:20 [NVDA] Reports Q1 $1.36 v $1.30e, Rev $8.29B v $8.12Be - Guides Q2 Rev $8.1B +/- 2% v 8.39Be Slightly lowered guide. Still moved the indexes

Market seems to be digesting Fed the same as I. (slightly dovish chance to pause after next two 50bp moves) The only thing to sink us tonight now is NVDA earnings. (SNAP dump 2.0)

Read the Fed notes as nothing new, aside from hinting that a "pause" may be feasible after the 50bp moves of the next two meetings.

Fed minutes notes: 14:00 *(US) FOMC MAY MEETING MINUTES: MOST FED OFFICIALS BACK 50BPS HIKE AT NEXT COUPLE MEETINGS; ALL OFFICIALS SUPPORT PLAN TO BEGIN SHRINKING BALANCE SHEET - All affirmed determination to restore price stability - Many participants judged faster removal of policy...

Keep in mind, NVDA is going to weigh on markets big time. But we are setting up to break and hold this month long downward channel. If NVDA misses, we can have a false break and .. look out below... however, if it holds up, we could get the first real bear market bounce.

We just rejected the top of channel on SPY. Granted it is only over a month, but it has held up top and bottom for this period. We either break above and hold and run, or we are headed back to bottom of channel lows.