US equities open in chop mode, leaning on the weaker side, as the market is s/t overbought. VIX is churning the 23s… and is s/t cyclically low. USD is u/c in the DXY 91s.
sp’60min
VIX’60min
Summary
No opening gap to be concerned about. S/t momentum is slowly weakening.
Two key scenarios…. today sees a bull flag develop… or price weakens, with yellow gap tagged late today/Wed’.
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notable stock: ZM
Earnings/outlook certainly pleased mr market. Yes, the valuation is ludicrous, but price structure is clean, with a key low of the $331s.. holding, and pushing upward. A number of upgrades are helping today.
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notable stock: FUBO
Fubo has earnings in AH, and the stock is catching some speculative buying. Options market is expecting a major post earnings move of +/- 15%.
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notable weakness: NIO
NIO remains loss making, whilst the Growth remains strong. The company warned of a slow down in China… and the market isn’t happy with that. Broadly… there is much hysteria in this one.
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notable airline: UAL
Yesterday settled with a black candle, and that does suggest the stock will turn red (at least briefly) at some point today.