Good morning. US equity futures are moderately higher (ahead of the CPI data), SPX +17pts, we’re set to open at 4684. USD is +0.1% at DXY 96.36. The precious metals are leaning weak, Gold -$3, with Silver -0.3%. WTIC is +1.5% in the $71s.
sp’60min
Summary
Yesterday saw considerable chop, if leaning moderately weak into the close. S/t momentum weakened across the day, settling on the low side.
Overnight futures have been leaning on the positive side. However… that is ahead of the CPI data, and once that is released, we could spike strongly upward… or see a sig’ swing lower.
Orange gap is a threat. The problem the bears face is that we’re s/t cyclically low. Even if we do gap lower on hot CPI, the market will be prone to see a latter day reversal.
Yours truly holds…
OXY, SLB, MRO, RIG, KMI, FCX, MOS, X, CLF, UEC, BAC, GOLD, NEM, AG, HL, KGC
I see no reason to lighten up until at least next Wed’ afternoon.
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Early movers
AG -0.8%, lower silver
AMD +0.8%
AVGO +6.9%, post earnings jump
BAC +0.3%
BZFD +3.9%, dead cat bouncing
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CHWY -10.2%, post earnings horror
CLF +0.3%, JPM 38>31
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COIN +1.0%
Bitcoin is +2.9% in the $48000s.
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COST +1.8%, post earnings gains
DIS +0.4%
F +0.7%
FCX +0.3%, with copper u/c at $4.33
GDX -0.4%
GOLD -0.6%
KGC +0.4%, dead cat bouncing
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INTC +0.4%
MRNA -7.6%, touting early mRNA flu vaccine
NVDA +1.0%
LULU -1.8%, post earnings cooling
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LUV -3.9%, Goldman neutral>sell, 59>36
ORCL +11.3%, post earnings jump
OXY +1.1%
PFE -0.8%
PTON -3.5%, Credit Suisse 112>50 on near term growth prospects
ROKU +1.4%
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SLB +0.7%
TSLA -0.7%
TLT -0.2%, yields a little higher
TWTR +0.3%
UAL -0.4%
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VIX -4% in the 20s
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X +0.3%, JPM 35>31
XOM +0.5%
ZM -0.4%, the m/t horror continues
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Overnight markets
Asian markets leaned weak into the weekend, whilst European markets are broadly flat…
Japan: -1.0% at 28437
China: -0.2% at 3666
Germany: currently +0.1% at 15655
UK: currently -0.01% at 7320
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Have a good Friday