US equities open a little choppy, if mostly leaning upward. VIX appears set to be ground lower into the afternoon, with natural target of yellow gap. WTIC $77.14. Gold $2403. Silver $29.18. Copper printed a new s/t low of $4.13.
sp’60min
VIX’60min
Summary
Suffice to add… opening chop… if still leaning upward.
The more cautious bears will give the market (AT LEAST) into mid afternoon, as a tag of teal gap would be more natural before resuming.
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notable stock: UPS
Monday’s black candle played out. Momentum has turned negative.
EPS $1.79 vs 1.99est. Rev’ y/y -1.1% to $21.8bn vs 22.2est. A double miss. Guidance mixed, expecting margins to narrow. Restarting buyback, $1bn a year. Desperate measure.
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notable stock: TSLA
Earnings due in AH will garner considerable attention.
Best guess… off a cliff.
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notable Dow component: DIS
Teamsters vote 99% in favour of a strike.
As noted last evening, the stock is short/mid/long term bearish.
Natural target is orange gap with early August earnings… due Aug’7th bmo.
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notable stock: SPOT
New historic high. Momentum has turned positive.
Black candle… and the cautious will be out.
EPS €1.33 vs 1.05est, and vs -1.55 prior yr. Rev’ €3.8bn inline, and vs 3.2 prior yr. A distinct improvement.