Good morning. US equity futures are pretty muted, SPX -5pts, we’re set to open at 3545. USD is u/c in the DXY 92.70s. The precious metals are mixed, Gold +$13, with Silver -0.1%. WTIC is +1.4% in the $40s.
sp’60min
Summary
Yesterday was a very bullish day, with the SPX breaking a new historic high. The closing hour was pretty ugly though, with s/t momentum even turning fractionally negative.
Overnight futures have been pretty muted, although its very mixed between indexes, with broadly positive industrials, whilst tech is sig’ lower.
I would keep in mind yesterday’s black spiky daily candle does lean s/t weak… if only briefly.
Broader price structure of a multi-month bullish pennant was fully confirmed yesterday, and is suggestive of far higher levels. JPM is seemingly open to sp’4500 in 2021, and I can’t argue against that.
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Early movers
AAPL -1.1%
ACB -10.0%
AMAT -1.1%, earnings due Thurs’ AH
AMD -1.7%
AMGN +5.1%, Asthma drug news
AMZN -2.0%
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BA +3.5%, above the 200dma, with chatter the 737MAX will be cleared for takeoff by Nov’18th
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BAC +1.2%
BYND -21.8%, post earnings horror
CCL +2.9%
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CRSR +7.0%, EPS 54cents vs 26est. Rev’ y/y +60.7% to $457M vs 400est. Guidance raised. Rather excellent, and largely a case of locked down office workers needing more keyboards and mice.
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DIS -1.1%, Disneyland California… further furloughs
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DHI +2.6%, EPS $2.24 vs 1.78est. Rev’ y/y +27.0% to $6.4bn vs 5.9est. Upside guidance.
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FB -2.1%
FCX +0.3%, with copper -3cents to $3.13
GDX +0.3%
GOLD +0.3%
GOOGL -2.5%
INTC -1.2%, yesterday’s black candle to play out
JPM +1.6%
JMIA -14.0%, post earnings horror
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LYFT +1.5%, earnings due in AH
MSFT -2.0%, big tech still under s/t pressure.
NEM +0.5%
NFLX -1.7%
NKLA +2.0%, post earnings gains
NVDA -1.7%
PFE +2.9%
PTON +2.6%, dead cat bouncing
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PYPL -1.8%, nonsensical drop on vaccine concerns!
SQ -1.3%, as for Paypal
TGT +1.3%
TSLA -1.1%
TLT -0.2%, yields still clawing upward
TLRY -7.8%, post earnings drop
TWTR -0.4%
UAL +1.1%
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VIX -3% in the 24s
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XOM +3.1%, pushing for the 200dma
ZM -2.2%, the stay-at-home stocks still under pressure.
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Overnight markets
Both Asian and European markets are a little mixed…
Japan: +0.3% at 24905
China: -0.4% at 3360
Germany: currently +0.04% at 13101
UK: currently +1.3% at 6264
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Have a good Tuesday