US equities remain in minor chop mode. S/t momentum is subtly starting to tick upward, as we’re moderately oversold. On balance, the 4720/4700 zone still looks realistic before year end.
sp’60min
VIX’60min
Summary
Well, its not been the most exciting of days. We can expect further chop into the close, if (in theory) leaning on the weaker side, as the market still looks s/t vulnerable to retrace of 1-2%, after a massive ramp from 4531>4807.
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notable stock: F
Ford set for net declines… not helped by RIVN, of which it owns 10% or so.
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notable weakness: DKNG
Reflective of a number of tier’2/3 stocks, that just can’t yet find a floor. I’d accept the bold could be buying on any main market washout within the next few days. I’d guess Ms. Wood of Ark is STILL averaging down… which I can understand, as Draftkings seems a fine company.
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notable weakness: TWTR
Twitter continuing to struggle. I have to wonder just how many will leave for Truth Social next year. Just a few million, or tens?
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notable miner: FCX
Freeport choppy with the main market. If sp’4720… maybe this might slip under $40… if briefly. I should buy this back… and soon!
back at the close…