US equities have already slipped into chop mode. VIX is subdued in the low 16s. Natgas has cooled to $3.08
sp’60min
VIX’60min
Summary
S/t momentum remains prone to turning positive.
Positive lean chop… is the type of price action we could expect all the way into Labor day.
*special note… stockcharts is having issues, such as any text boxes will just disappear, if you edit them.
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notable stock: LMT
Yesterday saw a smack down on earnings.
It was really a case of Q2 write downs.
The only real concern is the main market… Sept/Oct’.
Arguably one for the shopping list.
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notable stock: GEV
New hist’ high, as earnings were good…
EPS $1.86 vs 1.69est. Rev’ y/y +11.1% to $9.11bn vs 8.78est.
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notable stock: MP
Its one that should remain on the shopping list.
Chasing at this time/price would be just… stupid.
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notable miner: FCX
Earnings were good…
EPS 54cents vs 44est. Rev’ y/y +14.5% to $7.58bn vs 7.09est.
With Copper set for the sixes… and onward to the $7s, bullish FCX, and sisters SCCO & TECK. I’d also note Barrick Mining (B) is a 30% copper miner.
time to cook