US equities are set for broad/significant declines, as the SPX has seen a 100pt swing from the early high… but then, its a Thursday. The s/t cyclical setup favours the bears… as will the daily bearish engulfing candle. VIX 22s doesn’t merit any bearish hysteria.
sp’60min
VIX’60min
Summary
To be clear… net bearish into early Friday, but I don’t expect anything sustained <4400, as 4370 should hold. The 4600s remain on the menu… but not until early May.
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notable stock: SNAP
SNAP has earnings in AH. I’ve never liked the company. The stock remains m/t bearish. Superior alts: FB, TWTR, but those two are also a mess.
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notable energy: SLB
Schlumberger lower with the sector. Earnings are due early Friday
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notable stock: CLF
Whacked lower with the main market. Earnings due early Friday. I hold
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notable miner: FCX
A ludicrous drop, after broadly good earnings.
back at the close…