US equities open on a broadly positive note, as sp’3795 appears a pretty secure floor ahead of Christmas. VIX continues to reflect a mainstream with zero fear… but that should change in 2023.
sp’60min
VIX’60min
Summary
Yes, the downside yellow gap in the SPX is an issue. High probability we’ll take the upper tag within 1-2 days… maybe even today. Regardless, 3795 appears secure… with prime upside target of teal gap.
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notable stock: NKE
Earnings were arguably ‘good’. Margins were -300bps, if better than consensus of -350/400. Its the old ‘less bad than expected’ market reaction. I see ZERO reason not to expect 2023 to see margins further squeezed… if not at an accelerated rate.
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notable stock: FDX
The outlook wasn’t pretty… as FedEx appears to recognise 2023 is going to be real difficult.
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notable strength: F
Bouncing with the main market.
M/t bearish to the recessionary $6s, but that is likely some 6-9mths away.
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notable retail: AMZN
Bouncing with the main market.
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time to venture out, as the sun sets on autumn… with the winter solstice (which is actually not officially until 4.48pm EST).