US equities open a little choppy, but leaning on the upward side, and its enough for the SPX to break yet another new hist’ high. The USD continues to slide, -0.2%, printing DXY 90.47. Platinum is +4.8% in the $1093s, although that is still only half of the 2008 hist’ high.
sp’60min
VIX’60min
Summary
*VIX flash printed 19.97 in pre-market. What matters though… cash market.
So… a new historic high, which by default, makes it a day for the bulls. Its impressive, as the jobs data wasn’t so great. Yesterday’s closing hour was a reminder that sporadic cooling waves have to be expected. We should see at least one before today’s close.
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notable Dow component: BA
Yesterday saw the key June high decisively taken out, and its opened the door to the $280s, which is viable before year end.
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notable miner: FCX
With copper printing $3.53, Freeport continues to break new five year highs. Next resistance are the $34s.
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notable strength: MU
Despite an adverse headline about a power outage at a Taiwan facility (a minor issue in the scheme of things), Micron opens positive. Yesterday’s black candle is still suggestive that today will see the stock turn red at some point, and the more cautious will be out, or at least raising their stops on any s/t positions.
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notable mining ETF: GDX, 60min
Miners seeing some early chop, as s/t momentum remains negative. Soft target remain the $38s.