sp'60min
Summary
Notable weakness in the momo stocks, with NFLX and TSLA both lower by a rather significant -5% or so.
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I will hold overnight, the 3 positions I picked up this morning...
LONG FCX, RIG, and SHORT, SLV
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updates into the close....but the real action is around 4.30pm..when AAPL earnings are due.
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3.10pm. Hourly MACD cycle on the indexes is arguably floored. There is nothing definitive yet, but I'd not be on the short side of the main indexes for tomorrow..and indeed, into the Friday close.
More than anything right now, there is a shear absence of downside power. That sure won't last forever of course, but there appears little to stop the market from melting upward into the FOMC of next Wednesday.
3.14pm.. Looking ahead to AAPL.
The key thresholds are 550 and 510/08. Until we break above/below there, it remains relatively minor chop.
Indeed, equity bulls should be battling for 5/6% gain, which should help 'inspire' the rest of the Nasdaq tomorrow. The bigger monthly charts will still be offering the $600 threshold across May/June.
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3.48pm.. minor weak chop....and that..appears to be the best the bears can manage.
I wish otherwise....I'll still look for a major wave lower, sometime late May/early June.
back at the close.....with AAPL.