US equities open a little choppy, although all the main indexes have turned negative. Gold has printed a new hist’ high of $2580
sp’60min
VIX’60min
Summary
The open was much like yesterday. The s/t cyclical setup will favour the bears… possibly into/across Friday. Anything <5500 looks difficult, based on yesterday’s price action.
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notable stock: ALK
Updated positive guidance, inc’ lower fuel costs, which are clearly a positive for ALL the transports, not least the couriers FDX and UPS.
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notable weakness: MU
BNP Paribas, 160>125
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notable health: MRNA
Updated guidance, cutting R&D by -1.1bn, which would normally be seen as a good thing. The reality is that even the dumb sheep don’t want any more shots.
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notable retail: SIG
Earnings were ‘mixed’… EPS $1.25 vs 1.14est. Rev’ y/y -7.6% to $1.49bn vs 1.50est. COMPS -3.4%. The annual drop in revenue should be a concern, as the consumer is cutting back on EVERYTHING.