The Fuse is Lit
- Futures bouncing back – 1% on Nasdaq (early going)
- Disney earnings – reaction seems quite strong, needs a close above 120
- Fallout from hawkish fed speakers
- Will support hold at the 20 ma if the market decides to correct
- Breadth negative while put/call ratio rose smartly
- Solid move in gold
The Internals
What’s it mean?
Notice the persistent pressure on the VOLD (top left). From the start of the day sellers took the reins and routed the bulls. At least for a day, the bears won. It was nearly a trend down day (ADSPD), and the pressure was put on by the persistent negative ticks (red arrows circled). Volatility climbed, but it’s a far cry from where we saw the VIX comfortable above 25 for most of 2022. Volatility sellers have been making it happen in 2023, we’ll see if that continues.
The Dynamite
- 2 Fed speakers on 2/10
- Jobless claims, fed balance sheet, consumer sentiment
- earnings from PayPal, Toyota, Pepsi, Lyft, Dexcom
Stocks I Am Watching:
Boeing, Interactive Brokers, Hyatt, Qualcomm, Tost, CME, Intercontinental Exchange