US equities open on a weak note, as pre-market moderate gains fully faded to moderate declines. Its the sort of price action that should concern those bulls who believe sp’4582 is a ‘secure floor’. It ain’t… at least not until the CPI data is out of the way.
sp’60min
VIX’60min
Summary
Suffice to add.. regardless of today… I simply won’t buy anything ahead of the CPI data. Call it ‘overly cautious’ if you like, but neither the daily or weekly cycles are offering any kind of floor.
The cautious WILL continue to wait.
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notable Dow component: IBM
IBM whacked lower on – UBS neutral>sell, 136>124. I really don’t like this company, with momentum having just turned negative.
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notable weakness: MU
Intel literally poached the Micron CFO. Its an old school move… and kinda amusing.
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notable steel: CLF
Wolfe Research taking a hammer to the sector, with CLF, X, NUE, and STLD all hit pretty hard. As an interested buyer… this is good! I still wait until tomorrow.
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notable miner: FCX
Freeport still looks vulnerable to the 50dma in the $39s. I wait… as momentum has turned negative.