US equities are choppy, with indexes having turned red ahead of Powell. A considerable number of Transitories can be expected.
sp’60min
VIX’60min
Summary
Suffice to add… lets see if things start to spiral. Certainly… price action is pretty twitchy.
As an interested buyer, it is especially pleasing to see energy stocks cool back. I’d be a ‘comfortable’ buyer… AFTER OPEX, with sp’4250/40s.
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notable stock: RIG
A decisive break of trend. I’ve added a key price threshold. Is $3.10 possible by end of next week? That sure would be a ‘comfortable’ level.
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notable weakness: X
US Steel on the slide… and that is with a broadly flat market. The computer’s PF $16s remain a… concern.
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notable strength: TWTR
No real news, other than indirect things like Twitter noting govt’ demands to remove certain individuals/group have massively increased.
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notable fin: JPM
It could be argued multi-week price structure is a bear pennant. A break would offer the 200dma.
Time for lunch with… Powell