US equities open moderately higher, but the gains sure look shaky, with the Nasdaq comp' and R2K already turning red. The hourly equity cycle is threatening upward grind across today, with a viable target of sp'2085/90 zone.. along with VIX in the mid/low 14s.
*I'm on the sidelines. and remain seeking to pick up another VIX-long block... but considering price structure... I'm in no hurry.. not least with the FOMC tomorrow afternoon.
For now.... watching, and I'm content to give the bull manaics the better part of today.. 2pm.. lets see where we are then.
From a pure MACD (blue bar histogram) cyclical perspective, we're set for a bullish cross by midday, and that would bode for at least another hour or so higher this afternoon.
The earnings continue to come in... revenue misses remain an issue for many. No doubt, many of the EPS beats are via all sorts of 'accounting tricks'. Good work if you can get it.
notable weakness: coal miners, CNX -5%
TWTR, -1%.. ahead of earnings. Another fail.. with a loss of the big $30 threshold looks probable. After all, it can't make any money.
10.01am consumer confidence.. 90.9.. a big drop from the prev' 99.6. Hmm
Chicago PMI is this Friday.. it will be important for the bulls to get back above the recession threshold of 50.0