US equities are increasingly choppy, as s/t momentum is on the high side. The s/t cyclical setup for Thursday favours the bears. If the market does like the CPI data… I’d look to the Nasdaq comp’…. big resistance 14700s… another 2% higher.
sp’60min
VIX’60min
Summary
S/t momentum should max out this afternoon. Soft target for Thursday will be orange gap. To be clear, I ain’t short… merely hoping for a washout… to buy back lower.
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notable Dow component: AAPL
Apple is tired… due to settle with a black candle, or outright red.
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notable weakness: CFVI, 60min
The $13s look realistic tomorrow. I wait to buy back.
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notable energy: XOM
Exxon is lagging… as momentum due to turn negative within 1-2 days.
Barclays maintain ‘overweight’, 73>91.
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notable stock: FB
Facebook bouncing, but another wave lower to sub $200 appears inevitable, as even the mainstream cheerleaders appear to be resigned to.
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Gundlach is on the CNBC lunchtime show, and he will merit listening to, not least in terms of rates and bond yields.