US equity indexes open rather mixed, with strength in industrials, but distinct weakness in tech. Despite a lower SPX.. the VIX is also net lower, and suggestive equities will swing back upward into the afternoon.
sp’60min
VIX’60min
Summary
Its certainly a more muted open relative to yesterday. Its a Tuesday, which often see turnarounds… and 11am would be prime time for a floor/turn.
Many stocks saw key breakouts yesterday, and the notion yesterday marks a key exhaustion top… very unlikely.
Special note… sp’daily5
Yesterday’s black spiky candle has played out. A back test of the bullish pennant is likely taking place, before renewed upside.
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notable stock: CRSR
Earnings were very good, helped by those working from home buying more mice, keyboards, and other such things. Pre-market gains of as much as 10% faded… largely pressured by the algos marking down anything tech related.
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notable stock: PFE
We’re seeing some s/t speculative chasers appear. Yesterday’s black candle isn’t great… but mainstream sentiment appears set to negate it today.
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notable Dow component: DIS
Disney struggling on further adverse park news. Earnings due Thurs’ AH will be mixed. Its merely a case of whether DisneyPlus chatter can over-ride the other problems. The stock IS m/t bullish.
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notable mining ETF: GDX, 60min
An opening reversal… but yesterday’s low should hold. Upside (if choppy) to the lower end of teal gap appears probable within 1-2 days. I hold long.