sp'daily5
sp'weekly
Summary
*so far this week, we're net lower by 12pts, a mere 0.6%. Clearly, the market is largely consolidating after last weeks strong gains.
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Breaking the recent high of sp'2132 looks out of range in the near term.
Best guess remains.. a move <2110.. probably losing the 2100 threshold.. with a fast gap fill to 2080.. and then UP into August.
VIX remains broadly subdued, but once the 2100 threshold is taken out, market should get a little twitchy, and the VIX should finally spike higher. As ever though, even if the 15s are hit.. they will be VERY brief... before renewed cooling to the 12/11s.
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notable early movers...
QCOM -1.3% in the $63s, post earnings depression.. having initially spiked to $66.
SNDK: +12%... one of the few techs to actually rise on earnings.
LVS +3.3%.. post earnings
CAT -2.8%...
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AMZN have earnings at the close, and I think that stock will be particularly vulnerable. From a pure chart perspective, the stock looks due a smack down, with a precursor warning on Monday, via a black-fail closing candle.
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*I think I could probably sleep another ten hours.. but I shall battle across the day! If I disappear though, its because I've fallen asleep on the sofa.
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Have a good Thursday.
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8.31am.. jobless claims, 255k... a rather good number... and will get some spooked about a rate rise in Sept'.
According to clown finance TV, 255k is the lowest number since 1973... I find that hard to believe. Has the US never seen weekly claims <200k ?
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9.13am. With the USD recovering to -0.2%.. the metals are naturally already cooling from earlier gains... Gold +$2.
For the gold bugs out there... the pain is set to broadly continue to the giant $1000 threshold.. and that of course has dire implications for the related miners.