US equities remain weak, but the market is arguably at/close to finding a s/t floor. Again, as its quad-opex, expect considerable chop, with the market makers inclined to want to settle around the nearest psy’ level of sp’4200.
sp’60min
VIX’60min
Summary
Anyone getting overly rattled… well, I’d merely remind them the SPX printed a new historic high of 4257 early Tuesday. The Nasdaq comp’ could yet print a new hist’ high (>14211) before today settles.
Note the opening black VIX candle from around the key 20 threshold. Its 11am… which is first opp’ for an equity floor/turn.
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notable bond ETF: TLT
Higher bonds, as yields are still cooling back.
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notable fin: BAC
Lower yields… s/t bearish banks. Cyclically on the extremely low side. I hold, m/t bullish to psy’ $50
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notable energy: MRO
Morgan Stanley: underweight>equal weight 12>15. I hold.
*MS also upgrade OXY, equal weight>overweight, 32>40.
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notable miner: AG
First Majestic rebounding with silver. I’m already loaded in this one… and looking to hold to the 23/24s.
time for a light lunch…