US equities are set for further minor chop into the close. VIX is in the low 21s, reflective of a very calm mainstream, with near zero concern of anything, least of all the millions of vapourised businesses since March 2020. USD is -0.4% in the 90.13s, as there remains underlying downward pressure.
sp’60min
VIX’60min
Summary
The setup remains similar to Jan’6/7th. I’d look for a divergent lower cycle high on Friday, before another rollover to tag/fill yellow gap, and then resumed upside to the 3900s.
In any case, regardless of the exact close… with a new hist’ high, its been a bullish day.
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notable Dow component: INTC
Intel has earnings in AH, which should reasonable. I’d imagine the company will want the media/market to focus on the CEO change – due Feb’, as a sign the company is making progress. The stock remains a mess, and the cautious will leave alone. Options market expects a +/- move of 5%.
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notable Dow component: IBM
IBM has earnings in AH. Options market expects a +/- move of 4%. I do NOT like this one, which has been broadly churning for many… oh so many years.
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notable stock: F
Another wildly bullish day for Ford. S/t over-stretched, but a larger move to the 2014 $13s appears due in March/April.
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notable stock: AAPL
Inspired by Huberty of Morgan Stanley, with a minor upgrade 144>152. Momentum set to turn positive on Friday… which is indirectly supportive of the notion the market will push a little higher early tomorrow, before another rollover.
back at the close…