US equities open higher on the latest inflation data… although we’ve a reversal underway. Things turn interesting if the VIX can break AND hold above the key 20 threshold.
sp’60min
VIX’60min
Summary
Headline y/y: 5.0% vs 6.0% prior
Core y/y: 5.6% vs 5.5% prior.
So… headline was better than expected, whilst core was inline.
Those hoping for rate cuts in H2 have something to tout.
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Either we see a downside reversal today, or its white flag waving time for the bears. Any daily close >4140 would be decisive, and negate any realistic hope the H/S (weekly charts) will play out.
Yours truly needs to exit before the weekend… on whatever cooling wave occurs. Right now, the default subsequent trade would be long Gold into, and beyond the next FOMC of May 3rd.
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notable stock: MSFT
Equity bears need to see this turn red, and stay red.
Momentum has turned negative… and should remain so into the weekend.
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notable semicon: MU
Opening gains, but yesterday’s candle was black, and this has just turned red.
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notable gold ETF: GLD
Early gains… but we’ve a reversal to fractionally declines. Any price action in gold >$2100 would offer a run to 2400/2500, as seems realistic within 3-4 mths.
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notable miner: GOLD
Higher with gold and silver. Cyclically high.