Wednesday, 18 April 2018

3pm update - awaiting AXP

US equities remain a little choppy, with the s/t cyclical setup leaning weak into the close. Due in AH, earnings from AXP, which should help to keep everyone awake... not least yours truly. VIX is battling to avoid a seventh consecutive net daily decline. Oil has seen a renewed push upward, +3.1% in the mid $68s.




The hourly equity cycle is offering a bearish macd cross into the close, which does lean to the equity bears. Note the lower hourly bollinger at 2666, and that will offer big support in the 2680/70s tomorrow.

notable stock: AXP ,daily

American Express has earnings in AH, and they should be good, but far superior alts are MA and V, whose profit margins are massively better by 5-6x.

notable strength: MU, daily

After an early morning smack down (for no good reason, other than LRCX weakness), Micron is set for sig' net daily gains.

weakness, IBM, daily

An ugly post earnings sell down in IBM, which we've seen in a very select set of stocks so far this earnings season. Underlying valuation remains cheap, but INTC, CSCO, MU... far superior.

strength, BABA, daily

As there is increasing mainstream attention in this one. Notable call activity in the May 195/200s today.

back at the close...