US equities are moderately higher, as s/t momentum has turned positive. WTIC is leaning weak in the $62s. USD is -0.4% in the 89.85s, as the critical 88s aren’t far away.
sp’60min
VIX’60min
Summary
Based on a number of individual stocks, I’m starting to wonder if we’re dealing with a larger bear flag, some kind of ABC cooling wave from 4238.
So long as we hold <4200, its valid, and offers another swing to around 4000. For the main market… its all chop, but certain stocks – not least SLB, OXY, FCX, X… it’d be a real problem.
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notable stock: AMD
AMD announced a stupid $4bn buyback yesterday.
News: Lisa Su will be delivering the keynote speech at Computex, June 1st. That will be covered live on Youtube, and I’ll post the link at that time.
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notable Dow component: CSCO
Headline earnings were fine, but the outlook and statement warning of supply side shortages is annoying the market. The buyers have piled in, with a powerful reversal candle.
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notable bond ETF: TLT
Bonds higher as yields cool. Broadly… there is ZERO reason not to expect the US 10yr to reach 2.25%, where I’d guess yield curve controls would be implemented by the fed.
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notable fin: BAC
US banks cooling back… as lower yields aren’t helping. I hold, but want to add.
Time for a light lunch…