US equities open moderately lower. S/t momentum has turned negative, and threatens broad downside into the mid afternoon. VIX has picked up to the 22/23s. The 24/25s appear viable this afternoon. Broadly though, this is just an overdue cooling wave.
sp’60min
VIX’60min
Summary
Special note… – I highlighted it via Twitter, MSFT is in the process of breaking up and away. AMZN is pretty similar. AAPL and NFLX are leading.. having broken new hist’ highs. In theory, FB and GOOGL will follow.
… and it all bodes for broad market strength into the spring. Again, all that is missing is a VIX <20, and (eventually)… WTIC 65/66s.
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notable stock: INTC
Earnings were ‘reasonable’, but we’re still seeing a sell the news event.
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notable weakness: IBM
Earnings were lousy, with revenue still falling, and the company having the guile to blame the China virus! So, what was the excuse in 2019, 18, 17, 16 ?
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notable stock: SLB
Earnings were better than expected, and give extra confidence of 28/29s soon, and secondary of 38/39s with WTIC 65/66s.
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notable miner: GOLD
Miners hit by gold/silver. Barrick Gold still comfortably holding the key $22s.