US equities open on a weak note, but then… it is a Thursday. S/t momentum is on the very low side. The opening 30/60min candles are offering an early reversal.
sp’60min
VIX’60min
Summary
*weekly jobless: 742k vs 711 prior revised. A distinct worsening, and broadly… we’re still dealing with historically horrific numbers.
Well, we’ve tagged yellow gap. Now its just a case of whether its fully filled, before the market will want to move into pre-OPEX chop mode… if leaning on the upward side.
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notable Dow component: BA
Yesterday saw a powerful reversal. With the FAA 737MAX issue out of the way, the stock can more freely trade. The s/t trend remains bullish, and I would note the key June high of the $234s. Secondary of the 280s is viable before year end.
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notable weakness: M
Q3 earnings were somewhat less horrific than Q2. The outlook for the holiday season isn’t pretty. Whilst I expect the company to be a long term survivor, it needs to close 85/95% of its remaining 750/800 stores.
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notable stock: NVDA
The post earnings reaction has been pretty muted. Earnings themselves were unquestionably good. I am starting to wonder when the first mainstream analyst will target $1000.
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notable mining ETF: GDX, 60min
Miners trying to put in an opening reversal. S/t cyclically low.
Now its a case of whether any closes under the 200dma. I would keep in mind, major m/t support of the monthly 10MA lays around $35.00.
*Ohh, and yes, I’m in a no-prisoners mood on Twitter. Its pleasing to see Cramer open to the possibility that Trump ain’t going anywhere. As much as he annoys me at times, Cramer was one of the few in late Jan/early Feb’ who were warning of problems.