US equities remain rather powerfully lower. We’ve a provisional s/t cyclical turn/floor from sp’3764. VIX has already cooled from the 24s to 22s, as the mainstream are still monstrously complacent about 2023.
sp’60min
VIX’60min
Summary
Well, its a provisional floor, and now its case of whether we see enough margin calls to kill the bounce. For the bulls, today is another reminder of what a Thursday can entail, and what lays ahead in Q1 of 2023.
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notable stock: TSLA
A new multi-year low of the $122s, as psy’ $100 is clearly coming… if not in the very near term.
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notable semicon: MU
Micron sure didn’t help the semicons, tech, or the main market, as many have been reminded that 2023 is going to be… difficult.
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notable dow component: AAPL
The only consolation is that Tuesday’s $129s haven’t been taken out.
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notable steel: CLF
The contract news is a l/t positive, but as I’ll continue to relentlessly note, the problem shall remain the main market.
back at the close…