US equities are weak, but it clearly doesn’t merit any hysteria… ahead of CPI-Wednesday.
sp’60min
VIX’60min
Summary
Whilst s/t equity momentum is prone to turning negative, with VIX s/t momentum prone to turning positive, I can’t take it seriously.
Bulls can look for a turn from around 11.30am.
Maybe we should look for a hollow red reversal (daily) candle (a close >4124), which would bode for (at least initially) a positive Wed’ open.
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notable stock: TSN
A dead cat bounce… has already reversed. The problem with the ‘weak consumer’ has to be expected to get worse across the summer, and into the Fall.
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notable weakness: PYPL
Again, earnings were fine. Yes, margins are a little tighter, but still… I’ll be the first to say the bulls have a right to see this reaction as outright stupid.
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notable energy: DVN
Earnings were also ‘fine’. The stock is m/t broken though.
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notable car: RIVN
Earnings from NKLA, and LCID aren’t helping.
Rivian earnings are due in AH