Good morning. US equity futures are moderately higher, SPX +24pts, we’re set to open at 3501. USD is +0.2% in the DXY 93.20s. The precious metals are moderately lower, Gold -$7, with Silver -0.5%. WTIC is -1.0% in the $40s.
sp’60min
Summary
Last week ended on a positive note. S/t price structure is a bull flag, which is set to play out at the open.
S/t momentum is already on the higher side, and after initial gains, the market will become very s/t overbought. As ever, Tuesday morning would be prime for a turnaround.
So… a positive Monday/early Tuesday, a cooling wave, with a few downside gaps to the upper/mid 3300s, before resuming upward into late Oct/early Nov’. The Sept’ high of 3588 appears set to be broken above, if briefly/marginally.
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Meanwhile…
Twitter has again flagged a Presidential tweet.
Lets be clear… Twitter is playing games here. Its political, but its also a case of playing along with the mainstream narrative of FEAR and outright collective insanity.
Trump had Corona. He has tested positive for antibodies, and is by definition… IMMUNE (at least in the immediate/short term), and is no longer infectious.
*The US President is due to hold a rally today at 7pm in Florida… which will merit attention this evening.
Denniger did a piece on this issue…
http://market-ticker.org/akcs-www?post=240412
The fact that Twitter flags his opinion/tweet as misinformation… is off the scale contemptible. It is also a reminder to yours truly, that if I speak too much truth, I might also be flagged… or just deleted.
Ohh, and here is a second post from Denniger…
http://market-ticker.org/akcs-www?post=240416
The virus is not (at least primarily) spread via the air. Hell, that became clear to me, Denniger, and a few others, as early as February.
These are increasingly dangerous times, where many facts and truths are seen as unspeakable, or even outright illegal. However, I shall continue to have no qualms in saying… its a sick society, not worthy of survival, not least my own tier’1 garbage nation of the UK.
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Early movers
AAPL +2.8%, RBC 111>132
AMD +0.8%
AMZN +1.9%
CCL -0.4%
DKNG +3.1%, Credit Suisse ‘outperform’
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F +1.2%, Benchmark, hold>buy, p/t $10
FB +1.5%
GDX -0.6%
GME -3.3%, Jefferies downgrade to hold, 13>10
GOLD -0.4%
IBB +0.9%
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INTC +1.3%
MSFT +1.3%
MU +1.2%
NEM -0.4%
NVDA +1.3%
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PINS +3.3%
SNOW +4.4%, mainstream upgrades
SPOT +2.0%
TSLA +1.6%
TWLO +6.5%, buying ‘Segment’ for $3.2bn. Payment will be via stock.
TWTR +4.2%
UAL -0.5%
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VIX +1% in the 25s
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XOM -0.3%, lower oil
XLNX -1.7%
ZM +1.7%
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Overnight markets
Other than China, its pretty subdued out there…
Japan: -0.3% at 23558
China: +2.6% at 3358
Germany: currently +0.4% at 13100
UK: currently u/c at 6016
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Have a good week