Good morning, and welcome back. US equity futures are moderately higher, SPX +16pts, we’re set to open at 4741. USD is +0.3% at DXY 96.25. The precious metals are a little weak, Gold -$2, with Silver -0.8%. WTIC is -1.6% in the $72s.
sp’60min
Summary
First, I want to say I hope your Christmas was fine. Now we’ve just New Years to get through, with just five days left of the year!
Last week ended on a broadly positive note. The closing hour did see a bearish engulfing candle, although it could be dismissed on the grounds of ‘long weekend issues’.
Overnight futures have been pretty subdued, if leaning on the positive side, helped by European markets.
On balance, it’d seem the SPX will be printing a new historic high (>4743)… whether today, or later this week.
Yours truly holds…
OXY, SLB, MRO, RIG, KMI, XOM
FCX, X, CLF, CFVI, BAC, MOS, UEC
GOLD, NEM, AG, HL, KGC
I’d kinda like to lighten up in FCX and MOS, as I want to raise some funds to pick up F and maybe CRSR
I see some interesting chatter that things should ‘hold together’ into the Winter Olympics, which the Chinese will doubtless want to go well to ‘keep face’.
Broadly, I’m content to hold everything into mid/late Jan’. It would be useful to the bullish case to see WTIC >$80 and Copper >$4.50 within 2-3 weeks.
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Early movers
AAPL +0.3%
ABNB -1.5%, travel stocks hit
AG -0.3%, lower silver
AMD +0.7%
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BA -0.3%
BABA -0.5%
BIDU -1.2%, looking to produce ‘robot vehicles’ in 2023
CCL -2.4%, travel concerns
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COIN -0.3%
Bitcoin is +0.3% in the $50000s. Momentum is on the high side. Crypto bulls need to clear the 53000s to start thinking about giant psy’ $100k.
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DIDI -2.3%, the company blocks employees from selling shares ‘indefinitely’. Communism at its finest.
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F +0.5%
FCX -1.0%, with copper -1cent to $4.38
GDX -0.3%
GOLD -0.6%
JD -1.5%, weak Chinese stocks
LUV -1.6%, travel concerns
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MRNA -1.8%, CEO Bancel sold 9000 shares for $2.3M, but he still holds $5.8 billion!
MSFT +0.3%
NKLA +3.4%
NVAX -1.8%
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OXY -0.7%
SLB -0.6%
TGT +0.4%
TSLA +1.4%
TLT -0.1%, yields a touch higher
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UAL -1.8%, many flights cancelled. Media claim its due to the ‘Omicron’ surge. Others believe its pilots calling in sick, largely in protest at mandates.
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VIX +5% in the 19s, partly technical… due to the new week
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XOM -0.3%
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Overnight markets
Asian markets leaned a little weak, whilst those European markets that did open, are a little higher…
Japan: -0.4% at 28676
China: -0.1% at 3615
South Korea: -0.4% at 2999
Germany: currently +0.1% at 15777
UK: CLOSED
Italy: currently +0.3% at 27108
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Have a good Monday