All sectors red except Intech. When that goes red, the market is in trouble. Breath is negative on the NYSE. 

Historically, May is a very strong month for semiconductors (outperforming roughly 90% of the time over the last decade).

Only one tick over 0 today with sectors turning red and vix up. Staples, Enrgy and Utes are dark green.

OXY, USO

The 5-Year T-Note just posted its largest net improvement in recent memory — 89,000 contracts — signaling a curve steepener trade as the Fed regime changes.

The Nasdaq is diverging from its COT momentum at all-time highs —shorts are building against the euphoria.

The VIX is priced for calm ahead of the most binary weekend catalyst of the year.

The yen carry trade is at a historic extreme — 101,000 net short —with three independent triggers that could ignite a squeeze.

The grain complex is unanimously bullish on biodiesel and ethanol economics, not speculation.

Crazy, one would expect them to be going up to keep up with all the orders. Peace on earth? Loss of business from Europe and Asia? The drone revolution. Earnings were not great.

LABD

CNX500: SPX

•  When you see a divergence between the CNX 500(Nifty 500) and the SPX(S&P 500), you’re effectively looking at a breakdown in the historical correlation between the broad Indian market and the U.S. benchmark.

  In a "risk-on" global environment, these two indices typically move in tandem. When they decouple, it often signals that internal pressures in one market are being masked by the other, or that global liquidity is being pulled from emerging markets.

FinancialJuice @financialjuice

Air defences heard engaging hostile targets in parts of Tehran - Iran's Mehr News

The IRGC is the group that actually controls the Strait of Hormuz. If they have "won" the internal power struggle against Ghalibaf, traders assume the next move is a more aggressive or permanent closure of the Strait.

SMH 60,120min, MACD divergence. The BPNDX is only at 66.

Seems like a blowoff top. 

The divergence on the Nasdaq 100is a red flag. While the index is hovering near 26,500(well above its 24,650200-day moving average), the internal breadth is strikingly weak:

• Only about 50%of NDX constituents are currently trading above their own 200-day moving average.

• There is MACD and RSI divergence on the 60 minute and 120 min QQQ and SPY charts.

UVIX 60min

Temperature rising in BOIL

OIH, XOP

Cohn’s "bulletproof" reputation eventually shattered in the mid-1980s:

• Disbarment:In 1986, the New York Supreme Court disbarred him for unethical and "reprehensible" conduct, specifically for attempting to defraud a dying client by forcing him to sign a will amendment in a hospital room.

• Death:He died five weeks later, on August 2, 1986, at the age of 59. While he publicly insisted he was suffering from liver cancer, he actually died of AIDS-related complications

ZM  riding the 3ama

Avis Stock Up Another 23% Amid Short Squeeze; Two Investors Control Over 100% of Shares. Article in WSJ.

Markets should continue higher then.   

Heck of a move on Cotton.  1. Severe Drought in the U.S. 2 -Reduced Planting Intentions. 3. Energy Prices and Production Costs. 4. Technical Trading and "Short Covering"