US equities open a little choppy, as the s/t cyclical setup favours the bears. The SPX and Nasdaq comp’ both printed new hist’ highs, if also turning fractionally red. WTIC has cooled to $81.63. Gold $2404. Silver $31.54. Copper $4.51.
sp’60min
VIX’60min
Summary
Headline y/y: 3.0% vs 3.3% prior
Core y/y: 3.3% vs 3.4% prior
… which is supportive to a Sept’ rate cut, although we could expect the QT program to have fully ceased before such a cut. In any case… the trend supports the mainstream #everythingisfine narrative.
The s/t cyclical setup will likely favour the equity bears into early Friday.
Yet… the notion of index shorts remains… pointless.
I’d accept a hedge block of VIX Nov’ CALLS.
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notable stock: QS
The deal with Volkswagen is a very significant long term positive, as Quantumscape is licensing its ‘solid state battery’ tech.
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notable stock: TSLA
Tesla battling for a 12th daily gain.
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notable health: PFE
Hopes that Pfizer will join the weight loss pill train.
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notable miner: NEM
Newmont has seen gains of around +2.5% largely erode.
Kinda stupid, and the bold will be adding.