US equity indexes closed rather mixed, SPX +9pts (0.2%) at 4001. Nasdaq comp’ +1.0%. Dow -0.3%. The Transports settled -0.1%. R2K +0.03%.
sp’60min
Summary
closing hour action: leaning weak from the 2pm high of 4041, as the market is relentlessly struggling to hold gains for more than a few hours at a time.
*awaiting earnings from OXY, COIN, RBLX, and some lesser others.
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… and that concludes Tuesday. It was a day of considerable swings. Considering we broke a new multi-year low of 3958, it has to be seen as a net bearish day.
The s/t cyclical setup favours the bulls, but the CPI data is a wild card.
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notable stock: UPST
I’m hopeful that none of you were long this garbage. Maybe a few of you were even short. Regardless… Mr Market continues to systematically ‘normalise’ once insane valuations for the hysteria stocks.
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notable bond ETF: TLT
Bonds bouncing, but its minor. Things turn ‘real interesting’ if the US 10yr can clear 3.25%.
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notable bank: BAC
Banks struggling. You could argue it was cooler yields, but the stock/sector, is m/t broken with the main market. Soft target psy’$30.
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Mostly grey horror, except when I went out… with around 100 seconds of golden sunshine! Have a good evening.
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more later on the VIX and Indexes by 6pm EST