US equities are choppy, if leaning a touch lower. VIX is churning the 13s, with the market having zero concerns for what is day’1 of the Fed. Gold has cooled from $2068 > $2047. A monthly settlement >$2K appears assured (the official end month pin will occur around 1pm Wed’… BEFORE the FOMC press release).
sp’60min
VIX’60min
Summary
Considerable chop can be expected all the way into tomorrow afternoon. I’d accept the setup will increasingly favour the equity bears.
–
notable stock: SLB
The drop is the dumbest since last Tuesday’s downside reversal in the miners. Its not justified.
*I hope the stock remains around these levels… to add tomorrow.
–
notable bank: BAC
Oppenheimer ‘outperform’, 49>50.
Rate cuts will NOT be bullish!
—
notable strength: TSLA
Largely helped via a positive outlook from sister GM
—
notable miner: AEM
A significant downside reversal. My early exit ($50.12) looks very good, and I’ll be content to use the cleared funds into SLB tomorrow.
Time for lunch