Good morning. US equity futures are a little lower, SPX -7pts, we’re set to open at 4108. USD is -0.2% in the DXY 90.02s. The precious metals are fractionally higher, Gold +$1, with Silver +0.2%. WTIC is -1.0% in the $62s.
sp’60min
Summary
Yesterday opened ugly, but the market did see a significant recovery to settle just a little weak. S/t momentum ticked upward from mid morning into the close.
Overnight futures have been leaning on the weaker side, we’re set to open a little weak.
Yesterday’s price action is very similar to May 11th, and in theory, we could take out yesterday’s low this afternoon.
More than anything, I’m looking to the Nasdaq comp’. A test of the 200dma in the 12500s still seems possible. However, that is some 5% lower, and would likely take us into early next week.
Yours truly wants to add to a wheel barrow of positions (not least energy and the miners), but I remain in no hurry. I want lower prices!
Ohh, and as for Bitcoin…
Currently +9.4% in the 40000s… as the lunacy continues. I would accept yesterday’s flash print in the 29000s on massive vol’, makes for a s/t capitulation low.
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Early movers
AAPL +0.4%
Yesterday saw a reversal candle from the 200dma. That is set to play out at the open… if briefly. A downside reversal, with a few days under the 200dma IS a high threat, with key support of the March $116s.
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AMAT +0.8%, earnings due in AH
AMD +0.4%
COIN +2.3%, rebounding crypto
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CSCO -5.7%, EPS 83cents vs 82est. Rev’ y/y +6.8% to $12.8bn vs 12.6est. Guidance did not please me market, as the company is warning of supply side shortages.
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DASH -3.7%, JPM trying to offload a large share block
The stock remains a m/t mess.
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F +1.3%, joint battery venture with SK innovation
GDX +0.2%
GOLD +0.4%
HD -0.4%
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KSS -8.1%, EPS $1.05 vs -12cents est. Rev’ y/y +60.1% to $3.9bn vs 3.3est. Headline numbers were far better than expected, but the sales forecast is annoying the market.
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LB -1.9%, post earnings drop
OXY -0.8%
SLB -0.8%
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SPCE +18.0%, touting a test flight for Saturday, May 22nd.
The company has no effective operating business, and I do NOT like this one at ANY price. Even CEO Branson and Chamath sold huge chunks of stock recently.
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TSLA +1.4%
UAL +0.3%
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VIX +0.3% in the 22s
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X +0.2%
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XOM -0.5%
Momentum turned negative yesterday, and it offers a few more days of downside. Lots of support 57/56s.
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Overnight markets
Asian markets were a little mixed, whilst European markets are moderately higher…
Japan: +0.2% at 28098
China: -0.1% at 3506
Germany: currently +0.6% at 15199
UK: currently +0.3% at 6968
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Have a good Thursday