US equities are holding significant gains. S/t momentum is on the very high side, with an hourly RSI of the 67s, as the market is s/t very over-stretched. VIX 26s are NOT supportive to the equity gains, even when you consider its a new week.
sp’60min
VIX’60min
Summary
As things are, Tuesday is setting up for a pre-Trump/Biden turnaround. It will be interesting to see how the market trades on Wednesday. VIX is s/t cyclically low, as a spike to the 35/36s appears due in October.
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notable stock: UBER
UK court has allowed UBER to start operating in London. The Black Cabs won’t be happy, but then… they never believed in a free market. The stock itself… remains broadly stuck, and still far below the IPO $45s.
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notable stock: MU
Micron Tech’ has earnings Tues’ AH, and the stock is still struggling.
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notable mining ETF: GDX, 60min
Miners are struggling, as the sector looks VERY vulnerable into October. I have to expect the $33s.
Time for lunch…