Good morning. US equity futures are moderately higher, SPX +12pts, we’re set to open at 3811. USD is u/c in the DXY 90.44s. The precious metals are broadly higher, Gold +$14 (printing $1864), with Silver +1.9% (printing $25.75). WTIC is +1.7% in the $52s (printing $53.26).
sp’60min
Summary
Yesterday saw considerable chop, if leaning on the weaker side. S/t momentum ticked lower across the day, and settled on the very low side.
Overnight futures have been choppy, if leaning on the upward side, helped by most other world markets.
WTIC $53s merits attention, as the mainstream positively react to Goldman touting the $65s. Indeed, with key price threshold of the $52s broken above, its now effectively empty air to next major resistance of the 65/66s. How long until someone starts talking about an inflationary ramp to giant psy’ $100 ?
Further, when the USD (as seems inevitable) loses the DXY 88s, then the trap down will open to 80/78, which would certainly ‘inspire’ commodities, including WTIC, Gold, and Silver.
The jobless and ‘working poor’ are going to love summer 2021, as much, or perhaps even more than 2020!
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Early movers
AAPL +0.6%
AG +2.7%, higher silver
AMD +0.9%
BAC +1.1%, Citigroup 31>37
BIDU +3.3%
BSX -3.7%, issues profits warning
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CRSR +3.3%
CVX +1.1%
DIS +0.6%
FCX +2.0%, with copper +6cents to $3.62, RBC 26>32
GDX +1.3%
GOLD +1.1%
NEM +1.4%
NIO -0.9%, yesterday’s black reversal candle to play out.
NVDA +0.9%
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OXY +3.2%
PLTR +2.1%
SLB +1.1%
SQ +1.9%
TDOC +1.9%, BTIG 240>260
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TME +7.2%, Tencent seeking a HK listing.
TSLA +2.9%
TSM +2.5%, earnings due early Thurs’
TLT -0.4% in the $150s, are yields still climbing
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TWTR +1.0%, yesterday’s hollow red reversal candle to play out
UAL +0.3%
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VIX -3% in the 23s
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X +0.8%
XOM +1.3%
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ZM -3.6%, secondary offering $1.5bn stock. Now Zoom wants to offer extra stock after a collapse from $588. A truly lousy management decision. They could learn something from Tesla… raise capital when the stock is in an upward trend, not a downward one!
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Overnight markets
Asian markets were broadly higher, whilst European markets are a little mixed…
Japan: +0.1% at 28164
China: +2.2% at 3608
Germany: currently +0.1% at 13944
UK: currently -0.6% at 6754
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Meanwhile…
Maria has lost another 1%…
https://socialblade.com/twitter/user/mariabartiromo
But hey… its just Twitter cleansing the bots, right?
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Have a good Tuesday