US equities open a little higher. VIX 18s. Gold printed $2060, with Silver $26s, helped by the weaker dollar.
sp’60min
VIX’60min
Summary
I remain more focused on the daily SPX and VIX cycles… both are due a ‘snap’. Further, I’d keep in mind all of yesterday’s black and bearish engulfing daily candles. Indexes should turn red today.
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notable stock: DAL
Earnings were arguably mixed, and whilst Delta’s outlook was positive, I’m largely dismissive of it. American Airlines outlook sure wasn’t great yesterday. The valuation – FPE 30, is ludicrous, and should be 10 or lower in a recession.
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notable Dow component: MSFT
A very key stock to watch… even if you never trade it.
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notable gold ETF: GLD
A new cycle high. Any price action >$2100 would make for a new hist’ high, and offer a run to 2400/2500, as now seems probable this summer.
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notable miner: GOLD
Barrick higher with gold printing $2060
We’ve another black candle from around what is rather powerful resistance.