US equities are choppy, if still leaning on the weaker side. For now, there is still a fair amount of bullish hysteria, as reflected in TSLA, GME, AMC, and PTON.
sp’60min
VIX’60min
Summary
Chop chop… if leaning weak. Again… we’re in an increasingly fierce battle between those who believe sp’4114 is a key m/t low… and those who believe this is just a multi-week bounce… before a break <4k. I hold to the latter… so long as March settles <4500.
Interesting sideline news…
https://www.zerohedge.com/markets/russian-stock-trading-resume-thursday-after-record-market-shutdown
It sure will be interesting to see how the Russian market opens, and trades into end month/quarter.
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notable Dow component: BA
Lower with the main market, not helped by news China has found the black box. The stock is a m/t bearish leaning mess. Bulls need >230 for confidence.
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notable weakness: ADBE
Earnings were broadly fine. Mr Market is using marginally weak guidance as the excuse to whack the stock.
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notable steel: CLF
A new cycle high, which is especially impressive, considering the main market. Grander target 39/40.
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notable stock: TSLA
Mr Market has managed to wash out the $1K short-stops.
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notable miner: GOLD
The current black candle isn’t inspiring.
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Pete highlighted the Apr’ $24.50 CALLS…
Time for lunch…