US equities are choppy, if still leaning upward, as s/t momentum turned positive. Wednesday’s CPI is a wild card, and even the ‘crazy bold’ will arguably be on the sidelines.
sp’60min
VIX’60min
Summary
Regardless of the close… today’s lower low makes it a net bearish day. Bounces remain opportunities to exit longs, and/or to short.
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notable stock: OXY
Occidental has earnings in AH, which should be good, with a positive outlook. The more cautious will leave this alone, as the main market is m/t broken.
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notable stock: COIN
Coinbase has earnings in AH. The problem is Bitcoin. If 20k, then COIN is going to $50 or so. I’ve looked at the PUT options chain, and the premiums are way too expensive, both for earnings or more broadly into June/July.
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notable strength: RBLX
Roblox has earnings in AH. If I ‘had to’ short something for earnings today, it’d be this. The problem is the main market threatens early Wed’ upside, and Roblox has already been smashed down from the $141s to today’s $23s. The cautious will NOT be involved.
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notable Dow component: MSFT
Remaining a key signal stock. M/t broken… and still on track for psy’ $200, highly supportive to the SPX 3500s.
Time to get outside, back at the close…