US equities open a little choppy. The Dow, R2K, and Trans have already turned negative. VIX is churning the 19s. WTIC $70.08.
sp’60min
VIX’60min
Summary
Well, its a Tuesday, and we’ve already seen a marginal turnaround.
The s/t cyclical setup favours the bears, with momo prone to turning negative this afternoon.
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notable defence: LMT
New hist’ high. Israel are set to attack Iran… before the election.
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notable weakness: UNH
Earnings were good: EPS $7.15 vs 7.03est. Rev’ y/y +9.1% to $100.8bn vs 99.3est, and vs 92.4 prior yr. Momo has turned negative… with United Health skewing the Dow (-0.6%).
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notable fin: BAC
Earnings were fine: EPS 81cents vs 78est, and vs 90 prior yr. Rev’ y/y +0.7% to $25.5bn vs 25.3est. The concern should be further rate cuts.
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notable energy: OXY
Reflective of the sector, dragged lower by oil printing the $69s.
Momo due to turn neg’ Wed’.