US equities remain a little choppy, as the market is somewhat lost for direction. The s/t cyclical setup still favours the bulls into Wednesday. Next realistic opp’ for orange gap to the sp’3760s, will be Thursday.
sp’60min
VIX’60min
Summary
Little to add… for what appears set to be a day of chop, if positive leaning.
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notable energy: OXY
I didn’t highlight OXY and SLB in my ‘outlook for 2021’ for no good reason. With Goldman matching my target of 65/66s, we now have bullish chasers piling in. For OXY, I hold a grand target of the $46s.
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notable stock: ZM
Zoom was hit in pre-market by news of a $1.5bn secondary stock offering.
However, Zoom also touted it has reached ‘1M phone seats’, whatever that means. Cyclically low. Sell side exhaustion.
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notable tech: AMD
Wedbush 100>110.
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notable struggler: TWTR
Twitter did briefly turn positive – as yesterday’s reversal played out, but its struggling to see anything sustained. If trend is lost… then the 200dma.
Time to cook
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ps. its almost impossible to resist taunting those corrupt EU financial pigs at Deutsche Bank. No doubt.. they are still busy bribing all manner of people across the world. The stock itself… an absolutely train wreck that imploded and never recovered.