US equities begin March on a very positive note. VIX is being ground lower, as the mainstream cheerleaders are hopeful that last week was just a sporadic retrace… as indeed it was.
sp’60min
VIX’60min
Summary
S/t momentum is in the process of turning positive, set to carry the market upward into the afternoon, and probably early Tuesday. Yes, we have a downside gap, and that might be tagged in the next cooling wave… but first… we’re headed up!
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notable fin: BAC
US banks powering upward with the main market, further helped by renewed upside in yields. Big target is the 2007 hist’ high of $42.04.
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notable tech: MU
Micron helped by some upgrades… as giant psy’100 is due.
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notable airline: UAL
United soaring with the sector. M/t bullish to the $70s.
Ohh, and in case you’re wondering, I’m not annoyed (having exited late Friday). At least I’m not short!
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notable miner: FCX
Freeport resuming upward with copper. Having recently cleared the decisive $37s, its open air to the 2011 hist’ high of the $48s. S/t momentum is set to turn negative though.