US equities open on a weak note, as yesterday’s bearish engulfing daily candles played out. The market is s/t oversold, as a latter day recovery is due. USD is +0.4% at 101.03.
sp’60min
VIX’60min
Summary
I’m surprised 4370 has been taken out. Regardless… a latter day recovery is more probable than not. VIX is cyclically high, and due to cool into the weekend, if still settling above the key 20 threshold.
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notable stock: CLF
Earnings were unquestionably good. A conf’ call will be starting around now, and comments to the press might help. We can expect some analyst upgrades later today or early next week. Even the cautious should arguably hold across the weekend.
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notable weakness: CRSR
Corsair updated guidance… which wasn’t great. The company saw peak sales in 2020. Sister stock Logitech is naturally also struggling.
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notable energy: SLB
Earnings were good. Big target remain the $54s.
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notable miner: NEM
Earnings were a marginal miss, and the market is using it an excuse to wash out an extra tranche of the more resilient bulls. Nothing has changed… for what is a tier’1 gold miner. Massive opening reversal candle from key price threshold.