US equities open very mixed, with an opening upside reversal. Its notable the pre-market low was from around yesterday’s low of 3958. WTIC prints $105.49
sp’60min
VIX’60min
Summary
First… the inflation data…
Headline y/y +8.3%, vs 8.5% prior
Ex food/energy y/y +6.2% vs 6.5% prior
A little cooling, but the declines are less than the market was looking for. The concern should be higher food/energy prices into/across the summer.
As for equities… the s/t cyclical setup favours the bulls. Soft target is green gap.
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notable Dow component: MSFT
A key stock. Having lost the $270s… target remains $200.
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notable energy: OXY
Earnings were excellent, and the stock is justly higher. The only concern is the main market.
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notable tech: AMD
Reflective of the main market. The more bearish could see around $60, which should sync with sp’3500s.
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notable stock: DIS
Disney has earnings in AH. Is this another Netflix, where subscriber data is worse than expected? The stock is m/t bearish, and has been falling since March 2021 (the $203s). A realistic target in June are the $83s with sp’3500s.