US equities open moderately lower. VIX 17s isn’t offering the equity bears anything. USD is +0.4% at 101.53.
sp’60min
VIX’60min
Summary
Its a Tuesday, and equity bears should be very mindful, there will be HIGH threat of an upside reversal, not least from around 11.30am.
I still see the 4160s as more probable than not.
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notable stock: PYPL
Earnings were questionably ‘fine’, but the market is still annoyed.
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notable Dow component: BA
RyanAir with a possible order of up to 300x 737MAX jets.
*I’d certainly still argue the 737MAX is an inherently unstable plane, but hey… money buys a lot of positivity from the political class and the FAA.
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notable semicon: SWKS
Post earnings upset… as the market isn’t happy with the weak outlook.
Its not helping the sector. Massive opening reversal, as there are buyers out there!
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notable miner: ALB
Scotiabank, sector-perform>outperform, 315>250.
*I did see news yesterday of a ‘less communist than normal’ election victory in Chile. I’m not aware if that means the plan to nationalise the Lithium mines is going to be cancelled.
I would absolutely favour Lithium Americas (LAC), although it a work in progress. Further, I ain’t buying it back until the main market has been smashed. Right now, I’ll be looking at Oct’.