US equities open broadly flat, but its enough for the SPX to print a new hist’ high of 6374. VIX has broken a new multi-month low. Copper has cooled back from a new hist’ high of $5.95 to $5.81
sp’60min
VIX’60min
Summary
With a new hist’ high, its a net bullish day… even if we close lower. The s/t cyclical setup favours the bears into tomorrow… but we can’t expect much.
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notable stock: TSLA
Knocked lower on earnings, which were (not surprisingly) pretty bad.
EPS 40cents vs 42est. Rev’ y/y -11.8% to $22.5bn vs 22.8est.
The stock is bouncing from s/t rising trend.
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notable stock: GOOGL
Earnings were fine.
EPS $2.31 vs 2.18est. Rev’ y/y +13.8% to $96.4bn vs 94.0est.
The current candle is black… as even the bold are walking away.
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notable Dow component: IBM
Earnings were fine…
EPS $2.80 vs 2.64est. Rev’ y/y +7.6% to $16.97bn vs 16.57est.
Yesterday’s black candle played out. Natural target is the 200dma
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notable health: UNH
Unitedhealth says it has reached out to the DoJ, over a medicare billing probe. Natural washout target for Oct’… $225.
I expect an out of court settlement… aka… BRIBE, to the Feds of around $3.5bn. No one will go to jail… as there is little to no justice in the US system.