US equities open a little choppy, but we have seen the SPX break a new historic high in the 4800s… which should please the Tom Lee of Fundstrat. VIX has printed the 18s… as equities remain s/t over-stretched, prone to some cooling… if only choppy.
sp’60min
VIX’60min
Summary
We can’t go straight up forever. Momentum remains prone to turning negative. At best… the bears could seek the 4720/4700 zone. To be clear though… we could remain in algo-bot melt mode all the way into early January.
–
From the marketrebellion.com discussion.
A couple of 10% drops wouldn’t be surprising. There are certainly going to be plenty of excuses. The one thing that he isn’t considering is a possible l/t problem via the vax/treatments, or any kind of ADE event from a future variant. Those are monstrous unknowns, but the threat is real.
–
notable stock: TSLA
Wedbush 1100>1400, as new historic highs can’t be far away.
–
notable energy: OXY
Yesterday’s bullish engulfing candle has played out. Soft target remain the $31s.
—
notable Dow component: DIS
Disney catching a bid. I see no news. Teal gap looks good.
—
notable miner: FCX
Freeport seeing early chop. Its s/t over-stretched with the main market, not that I’d short it (or anything) for that matter.