US equities open a little choppy, as pre-market declines were fully reversed. VIX has cooled back to the key 20 threshold. On balance, a weekly settlement <20 is probable… even if equities just broadly churn sideways.
sp’60min
VIX’60min
Summary
Hourly momentum is due to turn positive by 11am, and that should prop price up… as we’re comfortably above yesterday’s low of 4367. Again, its OPEX, so we have to expect considerable chop, rather than any particular direction.
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notable stock: TSLA
The AI bot shouldn’t be seen as a positive, but most just don’t take the ‘rise of the machines’ seriously. By the time they do… it’ll be too late. The stock is set to challenge the April $780s.
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notable energy: OXY
Early declines… but reversing upward. S/t cyclically VERY low. Soft target are the $23s.
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notable strength: M
Macy’s seeing bullish follow through, helped by a few upgrades. To be clear… I do NOT like this one. For retail… TGT, HD.
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notable steel: X
US Steel opens positive, but momentum is prone to turning negative. More broadly, the 37/38s really don’t look that difficult.