US equities open on a positive note, with the SPX breaking yet another new hist’ high of 4591. VIX 14/15s… are reflective of a mainstream with no concern of anything, least of all next week’s FOMC. Silver is -1.9% (printing $24.04)… just a s/t cooling wave.
sp’60min
VIX’60min
Summary
Well, regardless of the exact close, with a new hist’ high, its just another day for the bulls. We’ve now FIVE downside gaps. It would be lunacy to not expect at least 3 or 4 of them to be tagged sooner… rather than later.
I’ve so many targets, but I will NOT get involved at this time/price.
–
notable stock: DKNG
Draftkings backing down on bidding for Entain. A primary reason is that the market doesn’t much like the idea.
–
notable stock: FB
Things turn interesting if the 200dma is lost. Considering the main market is s/t overbought… its difficult to see it holding.
—
notable energy: SLB
Yesterday saw a black candle. Momentum remains due to turn negative… as is also the case for WTIC. Even the bold will be looking for some cooling.
—
notable steel: X
Most commodity stocks are cooling back. Cyclically high, and s/t vulnerable, but with a pretty secure double floor from psy’ $20.