US equities remain a little choppy. Daily momentum is weakening, and leans net bearish for Wed/Thurs’. Copper $4.35. WTIC $80.70.
sp’60min
VIX’60min
Summary
Little to add… for what has been just another day of minor chop.
The two leaders – Trans & R2K, bode s/t bearish for the main market.
No reason to expect anything different for some weeks.
The only threat is sporadic geo-political news.
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notable stock: FDX
FedEx has earnings in AH, which should be ‘reasonable’.
Best guess… +3%
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notable weakness: HD
I guess the algos just didn’t like the DIY stocks today.
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notable strength: NVDA
Partly technical bounce, mostly short covering.
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notable stock: X
Along with sister stock CLF, US Steel is stuck in Limbo, whilst the bid from Nippon Steel is being processed. I’m guessing it will be blocked by Biden or Trump.
back at the close…