US equities open in chop mode, leaning on the weaker side, as pre-market gains were eroded by a Goldman note on yields/rates. VIX is twitchy in the 24s… resistance 26s would sync with sp’3760s.
sp’60min
VIX’60min
Summary
S/t momentum is on the very low side, and the setup favours the bulls. A tag of orange gap still seems probable. Again though, keep in mind its OPEX this Friday, and I’d not expect any sustained move in either direction.
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notable bond ETF: TLT
Yields are STILL rising, and its starting to concern some of the mainstream cheerleaders who just want things to remain the same.
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notable financial: BAC
US banks are being priced for sustainably higher yields.
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notable energy: SLB
With WTIC printing the $53s… energy stocks are pushing upward. Soft target 28/29s.
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notable miner: GOLD
Barrick Gold is seeing some moderate chop with the sector. M/t bulls need have no concerns unless the $22s are lost, and that sure doesn’t appear likely.