US equities are moderately lower, having taken a swing lower, partly due to Apple chatter, as the China protests will extend for some time to come. WTIC has cooled to the $77s.
sp’60min
VIX’60min
Summary
The ongoing China protests are surely going to be an issue into early 2023. Regardless… soft target remains sp’3906, and then the 3850s. The latter appears within range tomorrow afternoon, if Powell says something overly hawkish.
–
notable stock: GOOGL
Along with AAPL, it remains an issue as to whether either will remove the Twitter app’. Elon has made it quite clear, he would go to war with them, and produce his own phone. Mr Market would be real upset at that… but it’d make for some fine sideshow entertainment. .
–
notable stock: RTX
Raytheon… $397M deal for SeaSparrow
FPE 18s, Y 2.3%… is better than the main market.
I’d accept its a valid defensive play, not least on the concern of China/Taiwan.
—
notable strength: BTU
Who doesn’t hope Santa delivers them some coal this Christmas?
… especially those within Europe/UK, as its getting cold.
—
notable dow component: AAPL
Some analyst is suggesting a 20M shortfall in iPhones due to the China protests. Momentum has turned negative, with yellow gap tagged. Clearly, a loss of the $134s… and the panic would begin.