US equities are broadly higher, but regardless of the exact close, its been a very bearish week. VIX remains elevated, and it doesn’t much matter whether it settles a little above… or below 30.
sp’60min
VIX’60min
Summary
Suffice to add… we’re arguably already seeing some degree of ‘rats selling into the weekend’, as most of the shorts should have already covered with the morning recovery.
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notable Dow component: AAPL
Set for powerful post earnings gains… and resilient to the main market.
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notable stock: TSLA
Rebounding gains… fading. If Monday settles <$835 it merits outright alarm bells, with a subsequent target of 550/500.
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notable stock: F
Legacy yellow gap appears due… where the 200dma is lurking. Its possible the monthly candle will be bearish engulfing.
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notable miner: FCX
A lousy end to the week for Freeport, not helped with copper printing $4.29. Red gap of 32/31s looks probable next week.
back at the close…