US equity indexes are set for net gains… although price action is increasingly twitchy ahead of the weekend. Gold $2653… helped by the USD -0.75% at 107.31.
sp’60min
VIX’60min
Summary
Two issues…
1. Its quad-opex… have to expect further chop, with a pin 5950/5925.
2. We could look for some degree of ‘rats selling into the weekend’, not least after Wednesday afternoon’s smack down.
Equity bears should look for whether the VIX can settle above the key 20 threshold. Its not an absolute necessity… but it’d give a little confidence that today’s bounce is just that… a bounce from oversold conditions.
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notable stock: TSLA
A lower high… lower low, not so bullish as some might believe.
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notable semicon: NVDA
Yesterday’s black candle did initially play out.
Today’s candle will likely settle bullish engulfing.
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notable trans: FDX
Initial gains of 7%… largely eroded, and it might even settle red.
Splitting the company into two is a sign the board has run out of ideas.
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notable steel: X
Updated guidance was lousy.
Doesn’t bode well for sisters CLF, NUE, STLD
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notable Dow component: BA
One of the more bullish signs… set for another close above the 200dma.
back at the close…