US equity indexes remain moderately weak, with the VIX higher by an arguably lame 2% in the 14s. From a pure cyclical perspective, equities are set to rise for the remainder of the week. Oil remains significantly lower, -3.1%, battling to hold above the $40 threshold.
Little to add.
Underlying MACD (blue bar histogram) cycle is now on the very low side, and considering the holiday trading conditions, we're likely to start clawing upward.
Oil is battling hard to hold the $40 threshold. Maybe Mr Market wants to wash out some of the sub $40 long-stops, before whipsawing back upward?
In any case.. the $43s still look viable.. but clearly... not this week.
notable weakness, FCX, daily
Again, its very notable that whenever the broader market is even just a little bit lower, FCX - and much of the other 'junk' gets smashed.
Outlook remains... 'set to disappear'.
back at 2pm