Resilient BULL still alive as Q2 ends

Q2 earnings not too far away. chips retreat.
But, market quite resilient. Good week, want to end Q2 with at least another 1% gain.

"Yen traders eye BOJ minutes, China eyes rebound

The final trading week of the first half of the year gets underway on Monday, with Asia's scorecard looking reasonably positive from an equity perspective, mixed through a currency and bond lens, and more bleak from a Chinese market angle.

Chinese stocks will be looking to stop the rot and halt the recent decline that has extended their underperformance against regional and global peers this year.

Today's Market News
India's Prestige Estates Projects approves $599 mln fundraise
Japan vows to bring primary budget to surplus next fiscal year
Cash is leaving China again, pressuring yuan
BOJ deputy governor Uchida signals readiness to raise rates further

Am holding a big shirt YEN posituon

"Investors in Japanese assets, meanwhile, are on high FX intervention alert after the yen fell on Friday for a seventh straight day towards 160.00 per dollar, the level that triggered the first of Tokyo's yen-buying forays into the market nearly two months ago.



With the Bank of Japan's next policy meeting not until July 30-31, it may require verbal or direct intervention again to halt the yen's slide. The BOJ's summary of opinions from its June 13-14 policy meeting, to be released on Monday, will be closely watched."

The Kobeissi Letter (@KobeissiLetter) posted at 9:50 AM on Sun, Jun 23, 2024:
Key Events This Week:

1. CB Consumer Confidence data - Tuesday

2. New Home Sales data - Wednesday

3. Q1 2024 Final GDP data - Thursday

4. May PCE Inflation data - Friday

5. Fed Monetary Policy Report - Friday

6. Total of 8 Fed speaker events this week

Tons of important
(https://x.com/Kobeis...3658251645?s=03)

The Kobeissi Letter (@KobeissiLetter) posted at 9:19 AM on Sat, Jun 22, 2024:
Short interest on the S&P 500, $SPY, and Nasdaq 100, $QQQ, ETFs is now at a 6 year low.

Since 2023, short interest as a % of shares outstanding has fallen by over 50%.

Meanwhile, the volatility index, $VIX, is down 40% since January 2023.

Even during the fastest interest rate https://t.co/Wooq7opPhY

59-41 bearish poll

Helene Meisler (@hmeisler) posted at 6:53 AM on Sat, Jun 22, 2024:
Saturday Poll

The next 100 points for the S&P?
(https://x.com/hmeisl...4039642154?s=03)

HOUSING MARKET WEAKENING WILL FIRCE FED TO CUT RATES in September... or earlier?
Nick Gerli (@nickgerli1) posted at 10:31 AM on Fri, Jun 21, 2024:
The downturn in Austin, TXs housing market is remarkable.

Inventory has now spiked to the highest level on record.

More than 25% higher than the previous, pre-pandemic high.

And the listings just keep coming.

Values down nearly 20% already and could have another 15% decline https://t.co/Jb8UOSZG0A
(https://x.com/nickge...5431183871?s=03)

Tom McClellan (@McClellanOsc) posted at 7:51 PM on Fri, Jun 21, 2024:

Lumber futures prices are falling hard this week, as it sinks in that a recession is coming, especially in housing.

https://t.co/61NLSAXlES
(https://x.com/McClel...6673528127?s=03)

HOUSING MARKET WEAKENING WILL FORCE FED TO CUT RATES in September... or earlier?
Nick Gerli (@nickgerli1) posted at 10:31 AM on Fri, Jun 21, 2024:
The downturn in Austin, TXs housing market is remarkable.

Inventory has now spiked to the highest level on record.

More than 25% higher than the previous, pre-pandemic high.

And the listings just keep coming.

Values down nearly 20% already and could have another 15% decline https://t.co/Jb8UOSZG0A
(https://x.com/nickge...5431183871?s=03)

UP slightly but still negative:

https://www.mcoscill...t_breadth_data/

Tom McClellan (@McClellanOsc) posted at 7:51 PM on Fri, Jun 21, 2024:

Lumber futures prices are falling hard this week, as it sinks in that a recession is coming, especially in housing.

https://t.co/61NLSAXlES
(https://x.com/McClel...6673528127?s=03)

HOUSING MARKET WEAKENING WILL FORCE FED TO CUT RATES in September... or earlier?
Nick Gerli (@nickgerli1) posted at 10:31 AM on Fri, Jun 21, 2024:
The downturn in Austin, TXs housing market is remarkable.

Inventory has now spiked to the highest level on record.

More than 25% higher than the previous, pre-pandemic high.

And the listings just keep coming.

Values down nearly 20% already and could have another 15% decline https://t.co/Jb8UOSZG0A
(https://x.com/nickge...5431183871?s=03)

Nq long 19947.5
Es long 5526.5

Closed es long 5539.75

Nq long 19947.5
Es long 5526.5