US equities are choppy, still leaning on the positive side. VIX is churning the 16/17s, as the mainstream have few concerns. USD is +0.6% at 96.22, as the dollar doomers are still waiting… as they have been for over a decade.
sp’60min
VIX’60min
Summary
*I’ve lightened up some more in OXY & SLB. I’m just not in the mood to see any gains get eroded if the main market cools by 2%. If they just keep running upward… I can live with that.
As for equities… the minor 5/15mins cycle are over-stretched, whilst the hourly is technically still on the low side. I’m still guessing 4700 comes before >4808. Confidence is ‘moderate’.
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notable Dow component: AAPL
Apple printed the mid $182s, and its enough to break a market cap of $3trn. The stock looks set for psy’ $200.
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notable energy: SLB
That is a pretty powerful daily candle. I’d be surprised if we trade back under psy’ $30… even if sp’4700. M/t bullish to the $54s !
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notable laggard: X
US Steel struggling… to the main market, and also sister stock CLF. I still like both, and looking to buy them back with sp’4700.
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notable miner: FCX
Freeport leaning weak… which is pleasing to see, having bailed in the $41.90s. I remain looking to buy back, anything <40 would be great. More broadly, I’m looking for >psy’ $50. Maybe even $100 if copper can spike to the $7s.
back at the close…