US equity indexes are still clawing upward, lead by the Dow. Clearly, the market is assuming rates will be hiked this afternoon. However, if the tone from Yellen is interpreted as higher rates across 2018, then it'd be the excuse for a brief mini washout.
3hrs until the press release from print central. Cyclically, its a little messy, The post FOMC setup will still favour the bears. Again though, we're only talking about a possible wave to 2640/30s across a day or so. Its nothing for most to even bother with.
Ohh, and sp'2671 is just 12pts shy of my year end target.
notable strength, FCX, daily
Freeport has already pushed into the low $16s. Any monthly close >17 would offer 24/25 by summer 2018. Superior miner (at least technically) remains SCCO
notable weakness, X, daily
US Steel continues to cool after the recent powerful push above resistance of the $31s. Indeed, a natural back test to the 31s - from 34s, is underway. M/t bullish to $40.00.
notable stock, MU, daily
The gains are a little shaky. Someone is hungry for the July $65 calls, now totalling >5300. I see a >5000 block of the July $45s. Its possible someone is buying the $45s, but selling the 65s. In any case, its still a bullish trade for the m/t.
time for lunch...