10am update - opening gains

US equities open moderately higher, although the gains are a little shaky. There is threat of a brief washout into 11am to sp'1870.. with VIX 25s. Further upside to a basic 38% fib' retrace of the 1940s look due, and is clearly viable if AAPL earnings, and the FOMC press release please the market.


sp'60min

VIX'60min

Summary

*PMI service sector: 53.7.... not great... but neither terrible
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There is still threat of a brief washout to around sp'1870 by late morning, and that would likely see VIX 25s.

In any case... we're headed higher across the next few days.

*equity bears are arguably getting opportunity to exit.. if they didn't yesterday afternoon.
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notable opening reversal

FCX, 5min

The above chart is a fine example of why sometimes it is useful to watch the micro 5min charts.. esp' at the open. A clear black-fail candle... as someone has taken the opportunity to make a run for the exit door when FCX was +10%.

FCX is on my 'disappear list'.

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time to shop... back soon