US equities are choppy, if leaning on the upward side. Unless we break >4808, there remains high threat of a retrace to around sp’4700. Copper prints $4.33, not helped via the broadly strong dollar, +0.7% at 96.32.
sp’60min
VIX’60min
Summary
*I’ve fully exited BAC, and lightened up some more in OXY and SLB. Absolutely m/t bullish all three, I just think I can buy back lower later this week. If not… I can live with that.
Suffice to add… I’m still guessing we’ll cool to around 4700. If I have to wait until Thurs/Friday… fine.
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notable airline: UAL
Arguably just lower concerns of Omicron. Bulls need to clear upper descending trend.
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notable bond ETF: TLT
Lower bonds as yields climb.
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notable fin: BAC
Banks powering upward with yields. The micro 5/15/60min cycles are crazy over-stretched, and I did make a run for the exit door… probably early… but all green exits are good exits.
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notable steel: CLF
Cleveland bouncing with most of the commodity stocks. S/t over-stretched. M/t bullish 39/40. I sold last Friday, looking to buy back on ANY cooling with sp’4700.
As night falls, its time for a light lunch…