US equities open a little choppy, as the market is trying to build a s/t floor. S/t momentum will be prone to turning positive late today, offering better chance of a sustained/significant bounce on Wednesday. USD is -0.3% at 108.67… for what is just a little cooling.
sp’60min
VIX’60min
Summary
I’d be open to a swing lower (on any excuse), but we ought to lean upward from here for a day or two. I just have to wonder how the market will react to Powell on Friday. An excuse to test 4325 (or even marginally exceed) ahead of the Labor day break? In any case… I’m content to watch.
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notable stock: TWTR
An ex-insider causing problems, which is only to going to help Elon negotiate a lower buying price. I’m still still guessing he will buy 37/33.
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notable energy: OXY
Yesterday’s hollow red reversal candle played out, helped with WTIC $93s and Natgas $10.01.
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notable horror: ZM
Earnings weren’t that bad. The problem is the valuation is still high… FPE 30 or so, which should be cut in half, with the stock $50.
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notable miner: FCX
Bouncing, with copper printing a somewhat impressive $3.71.