US equities are broadly higher, but for now… its to be seen as just another bounce. The afternoon will threaten renewed cooling, as some of the proverbial ‘rats’ will want to exit ahead of the weekend. VIX has cooled to the 29s, but that is far above the key 20 threshold.
sp’60min
VIX’60min
Summary
Suffice to add… I have to see all bounces as such until we’re back above the daily 10MA – currently 4446. Most seem resigned to 4222 being taken out… if only marginally.
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notable Dow component: AAPL
With the market catching a bounce, Apple has seen a secondary wave upward.
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notable stock: AMD
AMD swinging upward with the main market, but set for a horrific net January decline of around -25%.
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notable reversal: TSLA
Buyers from the $792s… and the 200dma. A core floor? The monthly chart would argue for (at least) a lower low in Feb’. Look to the Monday/January settlement. Bears should be seeking a decisive <835.
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notable miner: FCX
Red gap 32/31s appears probable.
Time for lunch, and to check on the cheerleaders…