Good morning. US equity futures are leaning weak, SPX -6pts, we’re set to open at 3437. USD is -0.3% in the DXY 92.70s. The precious metals are broadly higher, Gold +$8, with Silver +1.0%. WTIC is -1.2% in the $40s.
sp’60min
Summary
Yesterday settled on a moderately positive note, although the late afternoon did see some distinct cooling, on concerns Pelosi/Mnuchin will fail to make progress.
S/t momentum has stalled, just below the key zero threshold. Its a pretty bearish failure, and the market looks vulnerable to red gap of 3384/60, if not late today, then Thursday… which is typically ‘prime’ for the bears.
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Spurious side note…
If my mood seems less than positive… its at least partly due to no heating and no running hot water. Today is day’14. My tier’1 garbage landlord is naturally still charging me for this ‘service’. Yours truly is calling them out for fraud. We’ll see how that ends.
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Early movers
AAPL -0.6%
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ABT +1.2%, EPS 98cents vs 91est. Rev’ $8.9bn vs 8.5est. Guidance raised. Broadly fine.
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BA -0.3%
CCL -0.5%, weak shippers
CRSR +2.3%
DIS -0.5%, Cal’ park to remain closed
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FB +2.5%, inspired via SNAP
FCX +1.4%, with copper +3cents, printing $3.19
GDX +0.3%
GOLD +0.5%
GM +1.8%, battery powered hummer
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MOS -2.1%, Citi 23.00>20.50 on concerns of phosphate import duties
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MSFT -0.6%, yesterday’s black candle to play out. Break of trend threatens the Sept’ lows. Bodes badly for the main market.
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MU -0.6%
NEM +0.6%
NFLX -5.1%, post earnings depression
NKLA +9.8%
NVDA -0.8%
PINS +7.6%, inspired by SNAP
ROKU -1.3%
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SNAP +23% in the $35s, post earnings hyper spike to new historic highs. Gods help anyone short this one on margin.
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TSLA -0.3%, earnings due in AH
TLT -0.2%
TWTR +5.1%, inspired by SNAP
UAL -0.4%
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VIX +2% in the 30s
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VZ +0.8%, EPS $1.25 vs 1.22est. Rev’ $31.5bn vs 31.6est. Broadly fine.
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WORK -5.1%, Morgan Stanley equal-weight>under-weight, holds p/t $27s.
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XOM -0.4%
ZM -1.1%, daily momentum set to turn negative
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Overnight markets
Asian markets leaned upward, whilst European markets are broadly lower…
Japan: +0.3% at 23639
China: CLOSED
South Korea: +0.5% at 2370
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Germany: currently -0.8% at 12630
UK: currently -1.1% at 5821
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Have a good Wednesday