US equities remain choppy, but most indexes look due to settle comfortably above the opening lows. VIX remains above the key 20 threshold. USD is +0.5% at 93.60… which is a particular pressure on commodity land.
sp’60min
VIX’60min
Summary
Suffice to add… regardless of the exact close, its been a recovery day. Whilst there remain a distinct number of crash callers, its still pretty laughable. Hell, even sp’4K wouldn’t negate the m/t bullish trend.
VIX did print a new cycle high of 24.74, but the SPX sure didn’t break a new intra low. With OPEX tomorrow, the setup favours the bulls… if mostly chop.
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notable stock: AMAT
Applied Materials has earnings in AH, which should be good, with a very positive outlook. I’d favour Taiwan Semicon’ (TSM)… although yes… the cautious will leave the latter alone, as we’re another day closer to China sending an invasion force.
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notable energy: OXY
A new intraday low… with no sign of a s/t floor.
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notable strength: NVDA
Strong gains for Nvidia… justified on good earnings. Various upgrades are helping.
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notable Steel: X
Steel stocks hit very hard, but it just makes for a washout. M/t bullish 37/39s, which look almost bearish, relative to Credit Suisse $49s.
back at the close…