US equities open a little weak, although the Dow and Trans have already both traded positive. VIX 16s really isn’t offering the bears anything. Gold/silver are sig’ lower. WTIC is +3.4% in the $73s
sp’60min
VIX’60min
Summary
S/t equity momentum due to turn negative.
S/t VIX momo due to turn positive.
Regardless of today, I’d be more focused on tomorrow, not least with the CPI and Warsh.
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notable stock: MU
Semicons clearly pulled lower by South Korea
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notable fin: JPM
Friday’s black candle played out.
JPM will be the formal start of earnings season… tomorrow morning.
Earnings will clearly come in good, with an outlook that should be ‘fine’.
Typically, the market will sell the fins on earnings, even when better than expected.
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notable space: SPCX
This week will probably see the IPO $135s tested. Under that… giant psy’ $100, and I have to think Mr Market will want to wash out the $100 stops between now and the midterms.
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notable commodity: silver
As ever… if red equities, silver will get dragged down.
Support psy’ $50, then 40/35, as the latter looks realistic Oct’