US equities open on a positive note. VIX is churning around the key 20 threshold. The s/t cyclical setup favours the bears.
sp’60min
VIX’60min
Summary
As noted yesterday, any daily close >4200 would be decisive, and negate the ‘big bear flag’ scenario.
The market is s/t cyclically high, and the setup leans to some cooling ahead of the weekend. OPEX will lean to chop, but we should still see some net cooling from current levels.
Yours… biased, on the notion of wanting to buy things at significantly lower levels.
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notable Dow component: AAPL
Wednesday’s reversal candle from the 200dma played out yesterday. I could understand if some just see broad upside from here. However, its difficult not to see another main market swing lower next week. If so… Apple will struggle to hold the 200dma.
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notable stock: TSLA
Considering the main market setup… I’d look for this to settle with a black candle… or outright red. Psy’ $500 appears a valid target. BoA 900>700.
I see options >6000 March 2022 $1000 CALLS, and >6000 June 2021 $1000 CALLS. Not sure what to make of that. Maybe Pete Najarian will highlight it this morning.
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notable stock: X
I see this as a key stock to watch… a break of s/t rising trend would merit alarm bells… and indirectly bode problematic for the main market.
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notable miner: FCX
It won’t take much for Freeport to settle net lower.
Yours… typing via 4G/5G internet (another day… another box… Ethernet cables via AMZN).