US equities remain in nano chop mode, if leaning on the fractionally positive side. VIX 16s are reflective of a mainstream with near zero concerns into year end.
sp’60min
VIX’60min
Summary
Little to add, for what is another day of narrow range chop. Again though… with a new hist’ high of 4808, is it to be seen as a net bullish day… even if we close a touch red.
Yours truly remains inclined to lighten up, but I know the moment I do… I’ll be antsy to get back onboard whatever I sell. Recent exits in FCX and MOS look good, as both seem decisively s/t maxed out, and due a few days of cooling.
—
notable stock: F
Ford might settle net higher… but looks s/t vulnerable with the main market… if only to the 50dma in the $19s.
–
notable retail: TGT
The ‘smart money’ continues to accumulate Target… with Weiss adding, as momentum has turned positive.
–
notable strength: PTON
Peloton set for powerful gains… but one strong day doesn’t negate what is m/t horror. Any main market cooling would be a problem. A more natural floor would be 31/30. Regardless… I ain’t meddling in it.
–
notable miner: FCX
Some further cooling back under psy’ $40 appears probable… where I’d be a willing buyer. Absolutely m/t bullish with copper >psy’ $5.00
back at the close…