Wednesday, 18 April 2018

12pm update - the chop continues

US equity indexes remain a little choppy, still leaning on the positive side, as earnings are coming in broadly superb. VIX is similarly choppy, but yesterday's low of 14.57 looks intact for a few days. Oil is helping prop up the market, currently +2% in the low $68s... as psy'70 is indeed very close.




Little to add, as the chop continues. Cyclically, we're s/t over-stretched, and due some cooling to the lower hourly bollinger, currently at 2651, but rising each hour.

notable weakness, AMAT, daily

As LRCX has tainted most of the sector this morning, but Micron is now sig' higher....

MU, daily

Roughly.. a 6% swing, washing out the weaker bulls. Big target remains 70/75, unless a takeover arrives first!

notable strength, X, daily

The bear flag is indeed fully negated. Earnings are due next Thurs' in AH, and should come in good, with a very positive outlook. FPE 7s... cheap.

time to check on the cheerleaders...