US equities open on a significantly positive note. The market will be increasingly inclined to enter a holding pattern ahead of the 2pm FOMC announcement. USD is -0.8%, printing DXY 92.47… core support… the crazy 88s.
sp’60min
VIX’60min
Summary
Well, its another very bullish open. Yesterday afternoon’s cooling wave.. was indeed such. Daily momentum is in the process of turning positive.
Yours truly is increasingly annoyed, as GDX is simply ‘running away’. I am not in the mood to chase higher, not least on a fed day.
–
notable stock: GOLD
Earnings were good, and Barrick Gold is justly higher with the sector. I’d expect some analyst upgrades in the coming days.
–
notable Dow component: MSFT
Reflective of the main market, with momentum turning positive.
—
notable stock: UBER
Earnings are due in AH. Options market is expecting a +/- move of 12%.
—
notable mining ETF: GDX, 60min
Miners are naturally higher with gold/silver, and helped by the main market. Hourly momentum has jumped back to positive. I would keep in mind, Barrick Gold (GOLD) constitutes around 10% of GDX, and is second only to Newmont (NEM) around 12%.