US equity indexes closed significantly higher, SPX +43pts (0.9%) at 5010. Nasdaq comp’ +1.1%. Dow +0.7%. The Transports settled +0.9%. R2K +1.1%
sp’60min
Summary
closing hour action: a little cooling. S/t momentum rolled over, leaning net bearish for early Tuesday.
*awaiting earnings from CLF, NUE, SAP, CDNS, AGNC, AMP, GL, MEDP, PKG, ARE
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… and that concludes a Monday. A mess of a morning, but a secondary wave upward washed out the weaker s/t bears.
Yours truly is -100ft down, in a large cavern of oil, weighed down by gold bars. I guess I’ll remain there until at least next Monday.
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notable bond yield proxy: TNX
Yields a little higher.
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notable bond ETF: TLT
Higher yields > lower bonds.
Bond bears structure is a bear flag.
More broadly… a test of 5.0% is clearly coming.
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notable banking ETF: KRE
A second day of rather strong gains… despite higher yields. Momentum due to turn positive on Tuesday. The grander problem will be… when the US 10yr >5.00%.
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notable stock: AXP
Bullish follow through, after last Friday’s good earnings.
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Have a good evening
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more later on the VIX and Indexes by 6pm EDT