Tuesday 2 July 2019

3pm update - into the close

US equities remain in minor chop mode. The s/t cyclical setup will favour the bears into the close/early Wednesday, when we have some key econ-data. VIX remains extremely subdued ahead of the 1.5 day holiday break. WTIC $56s, with Gold printing the $1412s.

sp'60min



VIX'60min



Summary

Its been a day of micro chop. There are some little tremors out there though, not least within energy and gold.

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notable financial: BAC



Note yesterday's black spiky candle, having played out. Today's lower yields aren't helping.

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notable strength, AMRN



A very powerful day for Amarin, as it raised guidance. An eventual break >23s will offer vastly higher levels. Further, its arguably a valid takeover target, much as Array Biopharma (ARRY) was.

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notable stock: MU



Like many stocks yesterday, Micron settled with a black candle, and that played out.
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notable stock: RIG



WTIC $56s aren't helping energy stocks. Transocean broke a new historic low in June, and is clearly highly speculative. Note yesterday's black candle, and as I like to say... those are not to be dismissed lightly!

Time to catch some sun, back at the close...