US equities open on a pretty ugly note, not helped by European markets. WTIC has printed the $83s, as psy’ $80 will probably be lost this week.
sp’60min
VIX’60min
Summary
A rough start.
I’d note that today is day SEVEN down.
Typically.. the market can not fall beyond 11 or 12 days.
So, in theory, the market should have s/t floored by this Friday/next Monday.
Yours truly is tempted… but I’m not getting involved at this time/price.
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notable stock: F
Yellow gap? Whether in this wave… or a subsequent one.
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notable energy: OXY
Energy stocks finally starting to catch down to the main market. For those wanting to buy back… lower prices are better prices! Momentum has just turned negative, and the cautious will be waiting for WTIC <80
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notable steel: CLF
Another rough day for Cleveland. Support 13/12s
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notable miner: FCX
Freeport lower with the main market and copper. Momentum is increasingly negative, and offers a few more days lower.
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For those inclined…
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