US equities remain in minor chop mode, for what is arguably just bullish consolidation of recent gains. VIX 12s is offering the equity bears… nothing.
sp’60min
VIX’60min
Summary
Whilst you can see today as day’2 of a Santa rally, I’d keep in mind we’ll be increasingly liable to see another ‘sporadic cooling wave’. By definition, they happen out of nowhere… as we saw last Wednesday afternoon.
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notable stock: AAPL
News that the Apple watch import ban has been lifted (at least for now) by a US court. Still… the stock is net lower.
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notable weakness: DIS
The mouse continues to broadly lag the main market, and can be expected to continue whilst Iger and KK remain in control.
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notable energy: SLB
Struggling, with oil $74s. The latter performance is worse relative to the weaker dollar. Yesterday’s black/spiky candle has played out.
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notable miner: FCX
Higher with copper printing $3.97.
A yearly close >$4.00 would merit attention.