Still an inflationary pump. Equities and risk assets are holding their bid, bonds stay soft, and the composite reading firmed to +3 of 9 on the indices and +2 of 9 on individual names, a modest tilt, not a new leg. Breadth backs this up on the surface, the majority of stocks sit above both their 50- and 200-day averages, but the McClellan oscillator is negative and rolling, which means the advance is getting thinner even while price holds up. Two single names are standing out from the rest of the board this morning with Conf 8 readings and near-maximum volatility compression: Vistra Corp on the long side and International Paper on the short side. The number to watch is whether Vistra holds the $162 area into the cash open, since that is the level already marked as the long reference.
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