US equities saw opening gains fully fade. The market remains s/t oversold, and due another push upward. Its possible that ‘Goldilocks’ / ‘better than expected’ CPI data, will be the excuse for a sustained upward move.
sp’60min
VIX’60min
Summary
Opening gap effectively filled.
Anyone who was short from across the weekend, has had opportunity to bail at a better level than the open. Those wanting to buy/add with a cooling wave… have got one. All can have prizes, yes?
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notable Dow component: INTC
Intel is strangely higher. I see no news. Broadly… its still a mess, and I’d favour NVDA, AMD, or even TSM.
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notable weakness: AMD
Competitor AMD is getting hit pretty hard… mostly just main market related. Cyclically low, and near the key 50dma.
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notable stock: TWTR
Goldman issued a ‘sell to $60’, with the 50dma stops triggered.
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notable steel: X
US Steel hit with the main market reversal. Cyclically low. Absolutely m/t bullish.
Time to cook… before I keel over.