US equities are increasingly choppy, as the market looks set for a weekly close above the sp'1900 threshold... along with VIX 20/19s. Indeed, once the next jobs data is out of the way, front month VIX will likely further cool under the key 20 threshold.
The rest of the day could be somewhat tedious, as things will quieten ahead of the Friday morning jobs data.
There is plenty of individual action though.........
notable hyper strength... FCX, daily
Freeport remains on the 'disappear list'. Today's hyper short-covering ramp has naturally got stuck at an old floor.. where the 50dma is also lurking.
FCX has around $20bn of debt.. but how many derivatives are based on that? 200bn? 500bn?
In either case... commodities remain broadly weak, and if the USD resumes higher as seems inevitable, the miners are in serious trouble.
back at 2pm