US equities remain in chop mode, currently leaning on the weaker side, as a break under yesterday’s mini spike from sp’3500 appears probable.
sp’60min
VIX’60min
Summary
I could understand if the micro wave counters see an ABC wave… with a C underway to somewhere within 3480/70s…. before resuming upward.
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notable Dow component: AAPL
Apple battling to hold fractional gains. Numerous upgrades today… the more bizarre one being Credit Suisse 95>106… still 15% below the current price.
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notable weakness: WFC
Wells Fargo is outright ugly… as earnings were hit by the Fed’s ZIRP, and clearly, there is ZERO sign of that changing any time soon. The ‘Japanification’ of the US banks IS occurring.
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notable miner: GOLD
Barrick Gold is higher with the sector, as yesterday’s reversal candle played out. I could start to take it seriously if >50dma.
time to check on the cheerleaders…