Good morning. US equity futures are moderately higher, SPX +13pts, we’re set to open at 4804. USD is -0.1% at DXY 96.00. The precious metals are leaning upward, Gold +$4 (printing $1819), with Silver +0.7% (printing $23.29). WTIC is +1.2% in the $76s (printing $76.92).
sp’60min
Summary
Yesterday was impressive, with the market battling upward across the day, breaking a new hist’ high into the close. S/t momentum ticked lower, if remaining moderately positive.
Overnight futures have been leaning on the positive side, helped by other world markets. We’re set to open in the low 4800s… as Tom Lee of Fundstrat was right… again.
Whilst we’re s/t over-stretched, the style of price action is very strong, and once s/t momentum does turn negative (whether today, or shortly after), perhaps all we’ll see is sideways chop/consolidation.
Does anyone doubt 5K? Whether its in January, or not until February… it shouldn’t matter to most… except the very s/t option players.
Yours truly holds…
OXY, SLB, MRO, RIG, KMI, XOM
BAC, CFVI, X, CLF, UEC
GOLD, NEM, AG, HL, KGC
I’d like to pick up F, and/or buy back FCX & MOS.
I see no hurry though, as the market is due a little cooling. If the market just continues to climb… I can live with that.
I will note… I will be looking to exit most things if we’re near/at 5K late Jan/Feb’. Tom Lee notes the threat of a 10% drop (to around the monthly 10MA in the 4600/4500s) and I can agree with that.
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Early movers
AAPL +0.3%, Apple pushing for the $3trn market cap’
AG +1.2%, higher silver
AMD +0.9%
BAC +0.3%
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CCJ +1.7%
CCL -0.9%, sinking shippers
CLF +0.5%
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COIN -2.2%
Bitcoin is -2.7% in the $49000s. Resistance of 52/53k is proving to be difficult to clear.
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F +0.5%
FCX -0.1%, with copper +1cent at $4.48
GDX +0.8%
GOLD +0.9%
HOOD -1.5%, m/t horror
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MRO +1.1%
MRNA -1.2%
NVAX -3.0%
NVDA +1.4%
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OXY +1.2%, yesterday’s bullish engulfing candle to play out, as is the case for a fair number of other stocks.
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PFE -0.3%
RBLX +0.7%, UOA yesterday
SLB +0.6%
TGT +0.4%
TSLA +1.4%, Wedbush 1100>1400
TLT -0.1%, yields a touch higher
UEC +2.3%
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VIX +1% in the 17s
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X +0.2%
XOM +0.7%
ZM -0.7%, the m/t horror continues
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Overnight markets
Asian markets were broadly higher, whilst European markets are moderately higher.
Japan: +1.4% at 29069
China: +0.4% at 3630
Germany: currently +0.6% at 15934
UK: CLOSED
France: currently +0.5% at 7174
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Have a good Tuesday