Good morning. US equity futures are fractionally higher, SPX +1pt, we’re set to open at 4247. USD is -0.01% in the DXY 91.75s. The precious metals are moderately higher, Gold +$6 (printing $1785), with Silver +0.7%. WTIC is +0.7% in the $73s.
sp’60min
Summary
Yesterday saw further gains, with a new historic high for the Nasdaq comp’, and the SPX coming real close. S/t momentum subtly weakened across the afternoon, but still settling on the very high side.
Overnight futures have been very subdued. We’re set to open broadly flat.
Clearly, the SPX could break a new hist’ high today, and it’d give extra credence to yesterday’s Nasdaq. Tom Lee’s 4400s appear on the menu in July/August. From there, it likely gets… problematic, as the CPI prints will get ever higher, with the mainstream increasingly questioning the Fed’s ‘transitory’ notion.
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Early movers
AA +1.3%, bullish commodity train
AG +1.3%, higher silver
AMC -0.3%, WSB
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COIN +0.9%, higher crypto
Bitcoin put in a spike floor yesterday from $28908, with bullish follow through today… currently +4% in the 33000s.
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F +1.5%, to supply engines and other parts for USPS
FCX +0.8%, with copper +3cents to $4.26
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FUBO +1.2%, UOA yesterday
GDX +0.8%
GOLD +0.6%
GME +0.9%, WSB
HMY -1.3%, Morgan Stanley downgrade
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KBH +2.5%, earnings due in AH. Options market is expecting a +/- move of 11%.
The setup favours the bulls.
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KGC +1.3%, BMO 13.00>11.50
MRO +0.9%
MSFT +0.3%, Wedbush 310>325
NEM+0.8%
NIO +1.5%
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OXY +1.0%
Occidental should break a new cycle high within the near term.
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SDC -2.7%, Loop Capital, buy>hold, $9s
SLB +0.5%
TGT +0.3%
TSLA +0.4%, opens first charging station in China
TLT -0.2%, yields a little higher
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VIX +0.7% in the 16s
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UAL -0.1%
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X +0.7%
US Steel still in floor building mode. Cyclically… very low.
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XOM +0.5%, with WTIC printing a new cycle high of $73.58.
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Overnight markets
Both Asian and European markets are a little mixed…
Japan: -0.03% at 28874
China: +0.25% at 3566
Germany: currently -0.6% at 15541
UK: currently +0.25% at 7107
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Have a good Wednesday