Modestly higher but looking slightly precarious.
News:
Huge earnings beat, finally, by Amazon. The stock should gap higher today (currently indicated up over a stunning 100 points) and form the third gap of a breakaway, continuation, and exhaustion sequence.
In the horse race between Apple and Amazon, I know which jockey I'd bet on.
Even so, there could be something to watch out for.
A 3-gap set up could take a little time, but could eventually target Amazon's lowest gap, 311.78. Who knows why or how. It's just how these work sometimes.
In other "news," as much as I love the Caribbean, I've never spent a summer away from New England. I keep having visions of the green mountains and verdant valleys of Vermont, the shimmering lakes of New Hampshire, and the bold, granite ledges of the coast of Maine.
I find myself daydreaming constantly, just like the boys of Aerosmith when they wrote Last Child.
I'm dreaming tonight. I'm leaving back home...
So heading home for a few weeks with family and friends. Maybe a beer run to Stowe...
Down cross the bridge to my sweet sassafrassy...
Definitely hit Winnisquam & Winnipesaukee in NH's Lakes Region. Certainly some lobster and fog in Maine...
Got to get back to the real nitty gritty...
Speaking of Aerosmith, hilarious video here (with some cool backstory about Led Zeppelin).
Notice it took only 2 minutes for Steven Tyler to mention Vermont and NH. These guys know where the good stuff is.
Home sweet home...
Oh, and the tune itself . . .
FX:
USD higher, EUR lower.
Treasuries:
Prices pointing still higher, yet charts (& yields) still vulnerable to shock.
Energy:
WTI crude remains sub-50.
Metals:
New lows in gold, 1072. Getting ever closer to interesting me.
S&P Outlook:
Reached a modest 38% Fib retracement yesterday, but too soon to tell if it will lend support. Futures, while up, look a bit unconvinced that Amazon will save the world.
Still like the 2077 area -- also noting a gap close by at 2076.62. But this level may be a bit too deep. The decline is looking a little sloppy and labored. Wouldn't surprised if it surprised to the upside.
No trades for me anyway. Gotta get back to the real nitty gritty.
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