US equities open on a very positive note, helped by most other world markets. VIX is churning the 30/31s.
sp’60min
VIX’60min
Summary
Regardless of how you might want to label/count the recent price action, ongoing price action is highly supportive that last Thursday was a key s/t floor.
Anyone holding short appears at very high risk of getting ground down, into and somewhat beyond the midterms. It is… what it is.
We’ve two downside gaps. Bears could hope for a tag of orange gap, before the rally resumes to 4000 or so.
Yours truly is looking to ‘clear the decks’, if only to recover something from a quartet of rapidly decaying positions. I’ll let you know when I close out. Disappointing really doesn’t quite cover it. More later.
–
notable stock: AMZN
Powering upward… as psy’ $100 is now looking out of range until late Nov’/Dec’.
–
notable Dow component: AAPL
Reflective of the main market.
—
notable stock: NFLX
Earnings due in AH. A wild card.
—
notable fin: BAC
Higher with the sector.
Further rate hikes will help net interest margins.
Eventually… consumer debt defaults will over-ride that benefit.