US equities open in chop mode, as pre-market moderate gains have already eroded. VIX has printed 33.07, with next resistance of the 35s.
sp’60min
VIX’60min
Summary
Chop chop…. as the market needs to burn off s/t oversold conditions, and that could easily stretch into/across Wednesday. The problem for the bulls… daily momentum is increasingly negative, and weekly momentum is set to turn negative into November.
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notable stock: AMD
Merging with XLNX. Earnings due in AH… will likely be mediocre.
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notable weakness: TECK
Earnings weren’t great, but then the miners lost to the lockdown restrictions. I like the company, but would lean to Freeport (FCX).
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notable strength: CRSR
DA Davidson ‘buy to the $33s’… and I agree.
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notable mining ETF: GDX, 60min
S/t price action remains messy, still inclined for the 200dma in the $34s.