US equities have built significant gains. I would note the recent high of 4183. Any price action >4200 would be suggestive 4056 will hold into June.
sp’60min
VIX’60min
Summary
S/t momentum will be inclined to max out this mid afternoon/early Friday, with some cooling into the weekend. I’d keep in mind tomorrow is OPEX, and that will lean to considerable chop (if leaning weak) on higher vol’.
Unless some sporadic spooky news appears… we can’t expect any renewed downside drama until next Monday.
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notable Dow component: AAPL
Reflective of the main market and Nasdaq.
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notable weakness: X
US Steel has printed the $23s, and that is with a positive main market. S/t rising trend will probably break on another main market swing lower. I want to add… but see no hurry.
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notable weakness: UAL
Airlines/Transports are struggling. S/t bearish United, m/t bullish to the $70s. I don’t own.
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notable miner: FCX
Freeport is struggling, as the 37/36s appear probable. Bodes indirectly s/t bearish for the main market. M/t bullish to the 2011 historic $48s.
Time for the cheerleaders… but I remain on vacation from those clowns…