US equities open broadly lower. VIX is still offering the equity bears… nothing. Gold/Silver are struggling, with USD +0.3% at 104.25
sp’60min
VIX’60min
Summary
Mr Market appears to be concerned at stronger than expected GDP data… as ‘good news is bad news’, when it comes to rate expectations.
Yellow equity gap largely filled. 3795 still looks secure.
The very bold will be looking to buy for teal gap, but we clearly don’t have a s/t cyclical floor at this time.
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notable stock: MU
Earnings were outright horror… if largely expected, after a recent profits warning. The outlook is lousy, with Micron dragging the entire sector down.
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notable stock: TSLA
Pretty incredible to imagine Tesla might print psy’ $100 as early as January. The only hope to the bulls is a brief spike on a sporadic post from Elon for a new CEO of Twitter.
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notable Dow component: AAPL
Just cooling with the main market.
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notable steel: CLF
Cleveland Cliffs finalising new contracts… at higher prices. Its clearly a good thing for the mid/long term. My concern for the stock will have to remain the main market into/across H1 2023.