US equities are choppy, with the SPX stuck under psy’4500. Other than s/t cyclical pressures, there is no reason to expect any sustained downside this side of the July 26th Fed. USD is -0.5% at 99.62, as a daily close <100 appears assured.
sp’60min
VIX’60min
Summary
S/t momentum is starting to weaken again, and should have turned negative by tomorrow morning… when the fins will begin reporting Q2 earnings. Typically, the fins do tend to sell lower, even on good numbers.
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notable Dow component: HD
Note yesterday’s spike from around what is a key price threshold. Today’s downside should be a concern.
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notable fin: BX
Barclays ‘equalweight’, 99>101.
Someone got paid the big bucks for issuing that price change/update.
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notable energy: XOM
Paying $4.9bn for Denbury, an all stock deal… which naturally isn’t helping the stock price. Yesterday’s black candle played out.
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notable miner: LAC
No news. A vote is due end month to split the company into two listed companies… Lithium Americas and Lithium Argentina.