Tuesday 19 May 2015

1pm update - Icahn is on the loose again

Whilst the broader US equity market is seemingly content to remain in chop mode - close to historic highs, the infamous Icahn is on clown finance TV, again touting AAPL as under-valued. Meanwhile, USD is holding sig' gains for a second day, +1.2% in the DXY 95.30s.


A curious character

UUP, daily


Summary

*I will have eyes on UUP as a way to be long the USD... but not at this price.. nor time. I am seeking a renewed wave lower in June/July to 24.00/23.80s. From there, I will be seeking 30/31.
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Little to add on the broader market.

There is NO downside power... and market is arguably just waiting for the next excuse to push into the sp'2140s.
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As for Icahn... I wonder if he has a schedule on his wall at home, on the frequency for him to re-pump certain stocks. I can't blame him... and I do agree with him entirely on AAPL. The valuation of $130s makes no sense, relative to the broader market.

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notable weakness: Copper miners, FXC/TCK, both lower by -4%.. as metals are under pressure via stronger USD.