US equities are choppy, if mostly leaning upward. VIX is cooling back, set to slip into the 17s. USD is -0.4% at 105.91. US 10yr 4.65%
sp’60min
VIX’60min
Summary
Ongoing price action isn’t offering the bears anything, with the bulls able to argue that 4238 is a s/t low.
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*special note…
Yours truly is trying to listen to the style of price action. I didn’t like what I saw in early morning… hence an effective ‘wave the white flag’.
I see little point in holding a position if the style of price action no longer supports it. I’d rather recover 70% from a position, than see it expire for 0% next Tuesday at 4pm.
I don’t expect to do anything until next Tues/Wed’, when we should be around teal gap 4370/4400s. That’d make for a comfortable re-short. Right now, I’d be looking at the SPY Nov’17th $430 PUTS… currently around $10.00, but should decline to $6.00 if sp’4370s.
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notable stock: MSFT
Reflective of the main market, trying to find a s/t floor.
Natural upside resistance… 50dma.
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notable weakness: PFE
Yet another new multi-year low.
I’d keep in mind the March 2020 $22s.
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notable retail: TGT
No news… just ongoing m/t horror.
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notable miner: NEM
Newmont still struggling, with gold printing $1885.
Shareholder vote to approve the bid for ‘Newcrest’ due Oct’11th.
Time for lunch