US equities open broadly higher, with the SPX breaking a new cycle high. The door is wide open to sp’4500 before the weekend. VIX is naturally being crushed. The USD is -0.8% at 100.57. The US 10yr is -61bps at 3.92%
sp’60min
VIX’60min
Summary
Headline y/y: 3.0% vs 4.0% prior
Core y/y: 4.8% vs 5.3% prior
Even if you disagree with the precise numbers, the downward trend can’t really be questioned. To be clear, this still makes for a strained consumer, as wages aren’t (in most cases) keeping up.
In any case… a new cycle high, as 4500 appears probable, whether this week or next.. it should make little difference to most.
*I’m resigned to a no-shorts policy until (at least) the next Fed day of July 26th.
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notable banking ETF: KRE
Regionals are higher… partly on chatter the Fed might not hike July 26th.
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notable Dow component: DIS
Even the struggling mouse is sig’ higher. Another tag of teal gap appears due… where the 200dma is now lurking.
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notable strength: TSLA
Higher with the main market… but the gains are somewhat shaky.
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notable silver ETF: SLV
Silver powering upward, helped by the positive equity market, the weaker dollar, and (to a less extent than gold) lower yields.