US equities open on a positive note, with the SPX and Nasdaq comp’ breaking new historic highs. WTIC prints $70.24, which is really helping the related energy stocks.
sp’60min
VIX’60min
Summary
For a Thursday, its an especially impressive open… to new historic highs. Yesterday’s daily SPX and VIX reversal candles are still a threat, but right now, the s/t cyclical setup favours the bulls. WTIC $70s is clearly helping.
Yours truly is watching the R2K… another 0.3% closer to a monstrously bullish breakout.
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notable stock: SWBI
Earnings were good, but we’re still seeing a washout. The valuation of FPE 13/12s is outright cheap. Opening reversal… as the buyers are piling in!
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notable energy: OXY
Occidental helped with oil $70s. Price structure of a baby bull flag… provisionally confirmed.
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notable strength: COIN
Coinbase higher with Bitcoin >psy’ $50k.
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notable steel: X
US Steel rebounding… if somewhat laggy to sister stock CLF. Multi-week price structure is a big bull flag.