US equities open on a moderately positive note, for what is day’3 up. Volatility is naturally lower for a third day. The USD is -0.5% in the DXY 93.20s, and that is helping kick almost everything higher, not least gold/silver.
sp’60min
VIX’60min
Summary
Another gap higher… that makes four, and whilst there is no sign of a s/t top (not least daily/weekly perspective)… a retrace to around 3300 will be increasingly due.
VIX is at the lower end of its trading range. Considering the election, there is little reason to expect it to cool any further than the 25/24s.
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notable stock: AMD
For now… its just a ‘report’, but it does seem likely that AMD will be merging with Xilinx. I’d keep in mind Webbush 85>100.
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notable strength: GILD
Positive study results on Remdesivir. Stock remains a m/t mess.
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notable strength: XOM
Yesterday saw Exxon cement a s/t floor. A dividend cut still appears probable. Earnings due Oct’30th
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notable mining ETF: GDX
Miners higher with gold/silver. Maybe a key floor is in… maybe not. For now… I’m not interested.