US equities continue to bounce, with the SPX tagging the lower end of teal gap. Broadly though, its been a rough start to the week, as some of the m/t supports have been tested or taken out. VIX has cooled 23>20s.
sp’60min
VIX’60min
Summary
Tuesday offers further upside on Powell chatter… but Wednesday threatens capitulation on ‘hotter than expected CPI’. I will not be picking up anything whilst things like energy stocks are only day’1 down.
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notable stock: RIVN
Rivian struggling. On any basis… I’d always favour F.
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notable energy: KMI
Holding up well to the sector and main market. I’d like to buy back with the 200dma in the mid $16s.
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notable steel: CLF
One down day, and probably another 1-2 to go. I’d like the mid $21s with the 200/50dma.
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notable miner: FCX
Give me the 50dma with the $39s. I wait!
back at the close…