US equities open very significantly lower, but there is a reversal underway. A more natural target is red gap of 3715/3674. USD is +0.2% at 108.12.
sp’60min
VIX’60min
Summary
Headline y/y: +9.1% vs +8.6 prior
Ex food/energy y/y: +5.9% vs +6.0% prior
… not pretty… but is anyone really surprised?
I see the Cramer noting commodity prices have fallen, but that doesn’t have to translate into broadly falling prices this summer. PPI (due Thurs’) will be a reminder of that.
As for equities… first opp’ for a turn will be 11am.
The cautious will be mindful tomorrow is a Thursday… with PPI, and that won’t be any prettier than CPI was.
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notable stock: AMZN
A key stock to watch… even if you never trade it.
So long as psy’ $100 holds…. bulls can hold hope of a reversal.
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notable Dow component: AAPL
Reflective of the main market. Opening reversal candle.
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notable energy: OXY
Early weakness… but a full reversal.
I ain’t chasing… not least in the opening half hour… ahead of the EIA Pet’ report (10.30am).
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notable miner: FCX
Freeport, not helped with copper printing $3.24.
Monthly support around 24/23s.