*keep in mind, we've the EIA Pet' report at 11am. That will likely show a net build. If WTIC loses the $50 threshold, that'd certainly help drag energy stocks lower, and to some extent... the main market.
The lower hourly bollinger - sp'2545/44, will offer support this morning, with secondary of the micro gap of 2540/37. Any price action <2537 looks very difficult. VIX hourly chart is offering a sharper move from 11am onward.
notable stock, MU, daily
Micron' has increased the share offering by another $200million to $1.2bn. The board are clearly VERY confident, and their actions are from a position of strength. There is an earnings gap of 36/34, there is risk that would be at least partly filled if sp'2475/61. Regardless, mid term outlook is hyper bullish, soft target 45/50, and then $100.. which is absolutely viable in 2018. I'd suggest anyone look at NVDA from early 2016 onward, not that I'm calling MU the next NVDA.
|Cramer highlighting Micron's F' PE is only in the 5s.|
weakness, DIS, daily
Disney continues to struggle. The recent low of $96.20 looks extremely vulnerable, and once broken, will offer lower trend target of the 94/93s. Downgraded by Guggenheim to $105. Note today has seen a bearish MACD cross.
Meanwhile.. s/t bullish hysteria in SNAP
Bullish follow through after yesterday's Credit Suisse target of $20. Big resistance 16.50/17.00.The bolder bears will be shorting, with a stop around the IPO threshold. Cyclically on the high side.