US equities open on a somewhat positive note, but the gains are shaky, with the R2K and Dow having already turned red. VIX is churning the 21/22s. WTIC has cooled to $74.27.
sp’60min
VIX’60min
Summary
A positive open, but the gains are pretty shaky, with some naturally concerned about the overnight crash in Hong Kong. The oil market is similarly unstable… but it changes nothing… bullish oil on geo-pol’ concerns.
–
notable Dow component: CAT
… mostly due to the PBOC mini bubble bursting.
Cat’ did break a new hist’ high yesterday.
Momentum is going to turn negative tomorrow.
–
notable energy: XOM
Reflective of the sector, with WTIC cooling from $78s to $74s.
Momentum has only just rolled over.
—
notable semicon: SMCI
A clear stall from the 50dma.
I see earnings are now scheduled for Oct’29th.
I’d keep in mind the DoJ probe
—
notable miner: FCX
Freeport lower with copper… the latter whacked on HK.
Momentum is going to turn negative.