10am update - opening chop

US equities open in minor chop mode, leaning on the weaker side. VIX remains subdued in the 14/13s. WTIC $58s. Gold $1395s.


sp'60min

VIX'60min

Summary

*subscriber note, posts will remain here, whilst my webhost remains entirely offline. Anyone in LA hear of any fires?
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So... a little chop... leaning weak... no drama. There is a fair amount of data tomorrow morning, but once that is out of the way, the market can be expected to churn into the holiday break.

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notable weakness, ROKU

Dragged lower on an RBC mixed downgrade, although holding p/t to $90. The stock was s/t bearish anyway.

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notable weakness: AMD

Yesterday's black candle is playing out.
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notable strength, AMRN

Amarin has raised guidance, and the stock is seeing a powerful jump. Things would turn wildly bullish if the double top of the 23s can be exceeded. Today's news does indeed bode for such an eventual super-breakout. 
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notable miner: GOLD

Barrick Gold, along with most of the other miners, is seeing a rebound. Cyclically though, the stock still looks s/t vulnerable. In the process of seeing a bearish macd cross... the cautious will wait at least another day.

Pre-Market Brief

Good morning. US equity futures are a touch weak, SPX -3pts, we're set to open at 2961. USD is -0.1% in the DXY 96.30s. The precious metals are leaning upward, Gold +$7, with Silver +0.1%. WTIC is -0.5% in the $58s.

sp'60min

Summary

*Subscriber note. My site is currently offline, as my entire web host (based in LA) is seemingly 'off the grid'.  I will continue here today, unless otherwise stated.
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Yesterday broke a new historic high of 2977, we saw some cooling to 2952, and then a closing hour mini ramp (provisionally confirming the baby bull flag).

Cyclically, we're on the higher side, and due some cooling. Keep in mind, yesterday saw many stocks settle with black candles, which does lean bearish.. if only for this morning.

The real threat to the market will be the monthly jobs data this Friday morning, although as ever, even if the data is not pretty, perhaps the mainstream will see 'bad news as good news' ?


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Early movers

AAPL -0.4%
AMD -0.6%
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AMRN +8.8% to $20.90s, raised guidance. Things turn crazy bullish >23s.
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BAC -0.2%
BCS -0.1%, weak UK financials
BP +1.1%
DB -0.8%, weak EU financials
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FCX -1.0%, struggling after yesterday's lowered rev' guidance
GDX +1.3%, rebounding with gold
GOLD +1.3%, rebounding with gold
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MT -1.7%, weak EU industrials
MU -0.7%
NFLX -0.4%
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NKE -0.3%, more Kaepernick 'drama'
ROKU -3.1%, RBC mixed downgrade, holds p/t to $90
TSLA +0.6%, Tesla's 'head of Europe' is leaving
TWTR -0.1%
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VIX +0.6% in the 14s
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WDC -2.8%
X -0.3%, m/t horror
Z -0.5% in the 86s, soft support 80/79


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Overnight markets

Its broadly very subdued out there...

Japan: +0.1% at 21574
China: -1pt at 3043
Germany: currently -5pts at 12516
UK: currently +0.5% at 7533
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Have a good Tuesday

Trade truce gains

US equity indexes closed broadly higher, sp +22pts (0.8%) at 2964 (intra high 2977). Nasdaq comp' +1.1%. The two leaders - Trans/R2K, settled +0.4% and +0.2% respectively.

sp'daily5

VIX'daily3

Summary

US equities began the week, Q3, and the second half of the year on the most positive note possible, with the SPX breaking a new historic high of 2977. Indeed, we've now come within just 23pts of giant psy'3000. Its notable that whilst the SPX has been breaking new historic highs lately... its not been reflected in any of the other main indexes.

The opening 30/60min candle was black, and that was a subtle warning the gains were vulnerable, with the spx cooling to 2952 in the afternoon. The closing hour saw a mini ramp, as a baby bull flag played out.

Volatility was naturally knocked lower, with the VIX printing 13.80, the lowest since June 20th, and settling -6.8% at 14.06.  

The Cramer returned to a new historic high, but it seems just a matter of months until he will be leading the cheerleaders, with a call for the fed to spool up the printers, in addition to rate cuts. But hey... everything is fine, right?
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A fine summer's evening

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Extra charts in AH (usually around 7pm EDT) @ https://twitter.com/permabear_uk

Goodnight from London
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