US equities are set for net daily gains, for what was a typical turnaround Tuesday. VIX has melted into the 20s, as an eventual sub 20 VIX appears probable. WTIC is churning the $45s. The USD is +0.2% in the DXY 90.95s, but broadly is still headed toward the 88s.
sp’60min
VIX’60min
Summary
S/t momentum is fractionally negative. Having printed 3708, the SPX is brushing up against the upper bollinger/resistance on the hourly, daily, weekly, and monthly charts.
Anyone trying to short this market though is being ground to pieces, as there is simply no downside power.
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notable stock: GME
Gamestop has earnings in AH. I don’t like the company, but perhaps earnings will show improvement, as lockdown restrictions are bullish for gaming.
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notable stock: CHWY
Chewy has earnings in AH. I have never liked this one, which was over-hyped from day’1, and is still loss making. We live in an era where a company can’t even make money selling dog food on a subscription basis!
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notable stock: DKNG
Draftkings is set for sig’ gains. There is news that CEO/Chairman Jason Robins will participate in the Milken institute’s Asian summit. Regardless, the stock is m/t bullish. Loop Capital recently issued a wildly bullish target of giant psy’ $100.
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notable strength, X
US Steel is set for powerful gains, as the market is very pleased with the news it will completely own Big River Steal.
back at the close…