US equities remain choppy, but every little cooling wave is being bought, as s/t momentum is set to turn back to positive. A push to the 3450s appears probable… but not today.
sp’60min
VIX’60min
Summary
Little to add. The VIX has repeatedly been a tell all week, not reflective of equity downside. The sp’3450s appear on the menu, but that is out of range today… probably early Tuesday.
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notable bond ETF: TLT
Bonds are choppy, leaning fractionally higher. The issue… will the early June low hold?
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notable financial: WFC
The gross sector laggard remains a train wreck. The problem is the Fed’s ZIRP, and there is ZERO chance of a rate hike, arguably until at least mid 2021.
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notable horror: NKLA
Nikola is battling against Hindenburg Research, who deem the company as ‘intrinsic fraud’. Naturally, the lawyers are circling.
time for a light lunch…