US equities open choppy, with the SPX fully filling last Friday’s gap. VIX has also filled last Friday’s gap.
sp’60min
VIX’60min
Summary
The inflation data was certainly better than expected…
Headline y/y: 2.4% vs 2.7% prior
Core y/y: 2.5% vs 2.6% prior
… giving the market renewed confidence of rate cuts.
I expect the next cut…post Powell, in June.
As for equities… we’re s/t cyclically low, and inclined for net upside into the long weekend.
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notable stock: AAPL
Daily momentum due to turn negative later today, or at the Tuesday open.
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notable weakness: CLF
Yesterday saw an ugly close beneath key price threshold and the 200dma.
Today isn’t much better.
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notable silver ETF: SLV, 5min
I’d consider buying on any cooling wave, but ahead of a long weekend… not really.
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notable miner: PAAS
Higher with silver