US equities open on a broadly weak note. VIX has spiked to the 20s (pre-market 20.77)… as the mainstream were a little spooked by Bullard (who remains the prime candidate to succeed Powell in early 2022). USD is +0.4% in the 92.29s
sp’60min
VIX’60min
Summary
*The Fed’s Bullard appeared on clown finance TV in pre-market, and that was the excuse for another 10/15pts lower.
Still…. nothing has broadly changed. Its quad-opex, and we have to expect broad chop on much higher vol’. Again, its arguable the market makers would prefer a settlement around sp’4200.
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notable stock: ADBE
Justly net higher on superb earnings.
Upgrades: GS 580>665 Evercore 550>625, JPM 595>660, Bernstein 577>638
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notable energy: XOM
Lower with the main market and WTIC $69s. Absolutely still m/t bullish, with the rest of the sector.
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notable stock: AMD
AMD saw very strong gains yesterday, with a decisive close above the 200dma. I have to expect this one to settle net higher today, offering 89/psy’90 next week. I hold.
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notable miner: FCX
Freeport battling to find a floor. Cyclically… on the extremely low side, and I resolutely hold.