Good morning. US equity futures are fractionally higher, SPX +5pts, we’re set to open at 4549. USD is +0.1% at DXY 93.73. The precious metals are moderately higher, Gold +$7 (printing $1804, with Silver +0.4% (printing $24.61). WTIC is +0.4% in the $84s (printing $84.76).
sp’60min
Summary
Last week ended with considerable chop, if from a new historic high of 4559. S/t momentum ticked upward into the weekend, settling on the moderately low side.
Overnight futures have been very subdued. We’re currently set to open fractionally higher. We’ve four downside gaps. Minimum target has to be key price threshold of the 4450s… just above orange/third gap.
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Gold is receiving increasing attention, both from my own audience, and within the mainstream.
$gold stands at $1796.30. Things turn interesting above the most recent lower high of the $1836s… >1850 to be decisive. Is price structure a multi-year bull flag? 🙄 pic.twitter.com/ScCgE1OOvr
— Philip Calrissian (@Trading_Sunset) October 23, 2021
Broader price structure is a valid giant bull flag/pennant. A break >1837s will merit SERIOUS attention, as it will threaten an explosive move upward. Secondary implications for silver, and the related miners.
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I would just add, the last five days of October should offer pretty dynamic action, with opportunities for everyone.
I hold: MU, GOLD, NEM, AG, HL, KGC
Seeking to buy: OXY, SLB, MRO, RIG, KMI, X/CLF, F, FCX
Considering… UEC, and even DWAC (if only for a 1-2 day trade).
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Early movers
AAPL -0.2%, earnings Thurs’ AH
AG +1.8%, higher silver
AMC -3.5%
AMD +0.5%, earnings Tues’ AH
BAC +0.5%
CCJ +1.1%, earnings early Friday
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CCL -1.0%, Citi buy>neutral, 34>24.50
CLF +1.8%, CFRA 30>43
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COIN +2.0%
Bitcoin is +3.7% in the $63000s. Daily momentum remains negative, and this looks vulnerable to a downside reversal today.
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DWAC +5.5%, day’3
FB -1.1%, earnings due in AH
FCX +0.4%, with copper +2cents to $4.52
GDX +1.1%
GOLD +1.0%
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KMI +0.4%
MRO +1.0%
MU -0.4%
OXY +1.1%
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PINS -13.3%, Paypal denies it has any interest in buying Pinterest
PYPL +6.1%, the market sure didn’t like the notion of Paypal buying Pinterest, and it’d seem Paypal management have listened!
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RIG +0.5%
SLB +1.0%, Barclays ‘overweight’, 38>48
SPCE -1.1%, still drilling towards the Earth’s core
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TSLA +4.3%, Morgan Stanley ‘overweight’, 900>1200.
TLT -0.4%, as yields climb
TWTR -1.0%
UAL -0.2%
UEC +0.5%
UNG +4.4%, with Nat’ gas +45cents to $5.73. Big target $9/psy’10.00
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VIX +2.8% in the $15s.
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X +1.0%, earnings Thurs’ AH
XOM +0.5%
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Overnight markets
Asian markets were moderately mixed, whilst European markets are leaning a little higher…
Japan: -0.7% at 28600
China: +0.8% at 3609
Germany: currently +0.2% at 15574
UK: currently +0.4% at 7237
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Have a good Monday