10am update - opening shaky gains

US equity indexes open moderately higher, as earnings continue to come in above (recently raised) estimates. However, the gains are pretty shaky, with some of the main indexes having already turned fractionally lower. VIX opens higher, as there remains a key gap within 19/20. Oil is +2%, breaking a new multi-year high in the $68s.


sp'60min

VIX'60min

Summary

Opening gains, but with the hourly RSI having reached 70, we're over-stretched, and in theory, we should close net lower. Long day ahead...

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notable weakness, LRCX, daily

Lam Research earnings were unquestionably fine, but the market has whacked this one lower for no good reason. S/t bearish, but m/t bullish, as nothing has fundamentally changed.

... and that is causing problems for... MU, daily

Micron is still semi-tainted from the UBS call, as there are still mainstream cyclical concerns. Next earnings are not until mid June. Major support at psy'50.00

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notable strength, FCX, daily

With copper higher by almost 2%, the related miners are catching a bid. Soft target remain the 24/25s. Superior alt: SCCO

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weakness, IBM, daily

Earnings were broadly fine, but it seems IBM is playing games with accounting, specifically in terms of currency adjustments.