US equities open a little choppy, but underlying price action is distinctly strong, as the SPX appears set to follow the Nasdaq comp’ to a new historic high. WTIC prints $74.18, as a decisive break >77s appears inevitable, with monstrous m/t implications for the related energy stocks.
sp’60min
VIX’60min
Summary
Chop chop… but we’re still mostly leaning upward. Sure.. a sporadic few hours of cooling is a threat, but daily/weekly momentum is swinging back to the bulls, and it bodes positive into/across July/August.
–
notable stock: F
News that Ford will be supplying the USPS new vans with engines and various parts. M/t bullish… $18s.
–
notable energy: OXY
Day’3 UP… helped with WTIC printing a new cycle high. I hold, but would lighten up on Friday… if $32/33s.
—
notable strength: AA
Alcoa powering upward… bullish commodity train.
—
notable miner: FCX
Day’3 UP for Freeport, with copper printing $4.33. I hold… soft target 39/40s.