US equities appear set for net daily gains of some degree, but that will likely make for black daily candles, and that would bode s/t bearish… ahead of the Fed. VIX continues to churn the 24/25s.
sp’60min
VIX’60min
Summary
By default, the market will be inclined for increasing chop ahead of the Fed. As things are.. the s/t equity setup does lean to cooling… if moderate.
I don’t expect ANY policy change, and that includes ‘yield curve controls’. When that does get announced though, it will be hyper bullish gold/silver, and the related miners.
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notable stock: ADBE
Adobe has earnings in AH, and those should be superb, as the market really likes a company with a subscriber business model.
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notable stock: FDX
FedEx has earnings in AH. Q2 won’t likely be pretty, and I’d imagine there will be no guidance.
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notable stock: AAPL
The ‘event’ pleased some, but many are frustrated at the lack of (yet another) new iPhone. The stock appears set to close with a black candle… or outright red.
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notable stock: SNAP
SNAP is strong. Only s/t problematic if back under the 50dma. However, I would favour FB… or even TWTR.
options: >7000 Sept’ $25 CALLS, >3000 Oct’ $27 CALLS.
Most notable… >3000 Jan’ $35 CALLS, and that is a long way up!
back at the close…