US equities begin the week on a positive note, as the market was s/t oversold. SPX is still struggling to clear the hourly 10MA. WTIC printed $70.84.
sp’60min
VIX’60min
Summary
Well… suffice to note, all those weekend posters calling for an opening Monday drop are already pretty annoyed. Might we yet test the 50dma? Sure… but overall, its all still s/t noise, within a m/t super strong trend.
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notable Dow component: AAPL
Increasing chatter ahead of Tuesday’s iPhone13 launch
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notable weakness: NFLX
GS ‘neutral to $590s’… which isn’t helping. Momentum threatens to turn negative. Maybe just a back test of old resistance.
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notable energy: OXY
Energy stocks rebounding after a difficult Friday. Soft target 31/32s, and that is clearly a fair way up.
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notable miner: FCX
Freeport struggling with copper -5cents to $4.40. Its annoying… but I ain’t selling.
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Yours truly received an ‘interesting letter’ just earlier, but perhaps more on that in AH.