US equities open on a positive note, but the gains are a little shaky… much like yesterday. VIX is has cooled to the 22s. WTIC has printed $71.91.
sp’60min
VIX’60min
Summary
Equities will be highly inclined to enter a holding pattern, and churn into the Fed’s press release at 2pm.
Of all the variables, I’m looking to oil. If oil can push and HOLD the $72s, it’d make for a net weekly gain, and would bode bullish for the main equity market. I’d accept its not the be-all, but it is often a good indirect indicator.
–
notable stock: OXY
Occidental rebounding with the main market… helped with WTIC $71s.
–
notable weakness: FDX
Earnings were broadly fine, but Labor costs concerns are the excuse. Sister/rival UPS is lower in sympathy.
—
notable steel: X
US Steel catching a bounce
—
notable miner: FCX
Freeport rebounding with copper, as psy’$4.00 held, printing $4.25. Psy’ 5.00 still seems realistic Nov’/Dec. I hold.