sp'60min
VIX'60min
Summary
As Yellen continues to utter the occasional 'transitory' and 'when conditions merit', the US market is choppy. Cyclically, the micro 5/15min cycles are both on the high side, and the market will be inclined to cool into the close. Thursday has typically favoured the bears, so tomorrow should be interesting!
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notable stock: MU, daily
There is s/t threat of a test of the $40.00 threshold. Keep in mind, earnings are due next Tuesday, and there will be a great many buyers on every little down wave. I'm m/t bullish of course... way beyond $50, which is a valid target before year end.
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notable strength, miners, GDX, daily
Gold saw a jump on the rate hike, but s/t, it was cyclically oversold anyway. The trend into year end still looks rather ugly. For GDX... huge multiple aspects of resistance in the mid/upper $22s.
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strength, CAT, daily
Underlying super strength, and trading at new historic highs. The 225/50 zone is on the menu within 12-18mths, not least if copper (a good indirect indicator) is near the $4s.
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back at 3.30pm for a micro update...
3.30pm... Most indexes are set to close a little higher. The micro 5/15min cycles do favour the bears into the close, and more so... tomorrow. At best, 2646/36 gap zone... before pushing into the 2680s, whether just before... or after Santa delivers.
notable weakness, X, daily
US Steel is set for a second net daily decline, but is broadly strong.. after a recent break >31.
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strength... BABA, daily
... Broadly chop-consolidation.... bullish way >200.
back at the close!