US equities are set for very significant gains, which is impressive considering the mainstream uncertainty about the election. On a pure cyclical basis, the market is s/t very over-stretched.
sp’60min
VIX’60min
Summary
The bulls could argue s/t price structure is a bull flag. VIX is showing no sign of a floor/turn.
—
notable stock: UBER
Chatter on whether a vote in Cal’ for GIG workers will help keep drivers as NOT employees.
—
notable Dow component: AAPL
I remain curious what ‘one more thing’ Apple have lined up for the Nov’10th event. Cyclically low.
—
notable bond ETF: TLT
A series of lower highs and lower lows. More than the election, I’d look to this Thursday’s Fed announcement, when I’m suspicious Print Central will announce ‘yield curve controls’. Mr Market would broadly like it.
—
notable mining ETF, GDX, 60min
Miners set for sig’ gains. S/t cyclically VERY over-stretched. Newmont has a breakout though, and Barrick Gold earnings this Thursday morning should be good.
Yours truly can’t be meddling with this setup. Its damn annoying, but I guess I’ll just jump aboard the next cooling wave… whenever, and whatever level that might be. Maybe I can get in ahead of the 2pm FOMC announcement on Thursday.
back at the close…