US equities open in minor chop mode. VIX is offering the equity bears nothing. USD is churning flat in the 102s. US 10yr has pushed to 4.00% again.
sp’60min
VIX’60min
Summary
ADP jobs: 164k vs 101k (prior revised).
Better than expected, and arguably Goldilocks for the equity bulls.
Purple gap fully filled.
The s/t cyclical setup favours the bulls.
Whilst ADP jobs hasn’t moved the market, there is always tomorrow with the BLS data.
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notable stock: AAPL
Piper Sandler, overweight>neutral, 220>205
Cyclically VERY low… and near the 200dma, where the buyers should appear.
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notable weakness: INTC
Market annoyed with lowered guidance from Intel’s ‘Mobileye’ division.
Opening candle is a reversal.
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notable semicon: AMD
Early weakness (pressured by Intel), but swinging upward.
Bernstein 100>120, Piper Sandler 150>165
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notable miner: NEM
Yesterday’s candle was a hollow red reversal, and whilst we’re currently sig’ lower, a lot can happen in six hours. More broadly, the miners need Gold to break and HOLD >$2100.