US equities remain in minor chop mode. VIX has melted into the 15s, reflective of a very comfortable market, ahead of the weekend.
sp’60min
VIX’60min
Summary
Little to add, as the chop continues.
It should be clear… ongoing price action is arguably just bullish consolidation from historic highs. I’m well aware of ongoing background ‘crash chatter’, but its from the same lunatics who have been touting it since last summer.
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notable Dow component: DIS
Disney has earnings in AH. Stock is distinctly choppy. Options market is expecting a +/- move of around 5%. I’d have to lean to the upside.
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notable weakness: TRIP
Trip is still holding the recent low, but that really is the last line in the sand for the more resilient bulls.
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notable tech: MU
The dip buyers continue to refuse to get involved. The stock hit by a MS downgrade, and background chatter about memory prices.
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notable health: MRNA
Partly a case of dead cat bouncing. S/t momentum remains due to turn negative.
Its cheerleader time… but ‘Evolution’ seems far better…