sp'60min
sp'weekly
Summary
We have a very interesting day ahead.
The past two consecutive days have been lower, but clearly nothing significant. Daily MACD equity/VIX cycles are liable to turn negative/positive respectively today or Monday. There is HIGH probability of a major down day... before the next wave higher.
A net weekly decline looks due... with a weekly close under the 2100 threshold.
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notable early weakness, INTC, -1.2% in the $31.60s.
.. that is a rather pleasing sight to yours truly... right now, I'd prefer an exit around $30.50.. but that is out of range today. If I can get 31.25/00 by late today.. I will probably exit for the weekend.
strength: NKE, +3.4% in the $108s.. on rather good earnings.
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Overnight China action
Not surprisingly, China saw another wacky session, this time settling -7.4% @ 4192. As I noted in the previous post, the 3400s remain a rather obvious target for those with eyes on the broader picture. Mr China retail amateur is probably going to have a rather sleepless weekend. I don't envy them!
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Have a good Friday.
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8.23am Indexes cooling a little... sp +2pts... 2104..
Real carnage in semi-conductor stocks...
Micron (MU) -14.9%... lousy earnings
.. and that is a problem for INTC, -1.9% in the $31.30s... I did see a print for $31.00 earlier.... I'd settle for that today!
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9.34am.. EXITED INTC-short.. .from $31.25..... am very pleased... will likely re-short on any 'stupid bounce'.
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9.43am.. minor declines in most indexes.... after all.. who wants to buy into the weekend?