Good morning. US equity futures are a little higher, SPX +12pts, we’re set to open at 4682. USD is -0.1% at DXY 95.92. The precious metals are leaning upward, Gold +$5, with Silver +0.7%. WTIC is +1.3% in the $79s.
sp’60min
Summary
Yesterday saw very significant downside in the morning, with a pretty standard latter day recovery. S/t momentum turned positive into the close.
Overnight futures have been leaning on the upward side, helped by European markets.
I would note the upper hourly bollinger at 4748, which should tick lower today. There is much price cluster resistance around 4700.
More than anything, keep in mind Wednesday morning will see the latest CPI data. If it comes in on the hot side, Mr Market is going to be pretty upset, on concern of rate hikes. Even Jamie CCP Dimon of JPM is expecting FIVE or more rate hikes this year.
Yours truly has little interest in getting involved ahead of such a key data point. Further, energy stocks only started to cool yesterday. All are offering 1-2 days of basic downside.
So… today I want to see net declines in most of the energy stocks, not that its necessary. The cautious will be waiting.
—
Early movers
AAPL +0.8%
AMD +1.9%
ANF +5.9%
AU +3.9%
CLF -1.6%, Wolfe Research downgrading the steel sector
–
COIN +1.3%
Bitcoin is +0.1% in the $41000s. Lower highs… lower lows… not great.
–
F +0.4%
FCX +0.2%
GDX +0.6%
GOLD +0.4%
IBM -2.3%, UBS downgrade to ‘sell’
–
INTC +1.6%, Micron CFO resigns… to join Intel!
–
LAC +5.2%
LVS +2.3%, JPM neutral>overweight, 36>48
MSFT +0.7%
MU -0.6%, the CFO is poached by Intel
–
NUE -1.9%, Wolfe Res’ downgrade
OXY +1.3%
PFE +0.5%
PTON +0.4%, still no sign of a clear floor/turn
RIVN -3.7%, COO ‘operations chief’ quits
–
SLB +0.5%
STLD -1.1%, Wolfe Res’ downgrade
TGT +0.5%
TSLA +1.2%
TLT +0.5%, yields cool back
–
TLRY -2.7%, retracing back
UAL +0.3%
UEC +1.6%
–
VIX -0.6% in the 19s
–
X -1.3%
XOM +0.5%
ZM +1.2%
—
Overnight markets
Asian markets were broadly lower, whilst European markets are broadly higher…
Japan: -0.9% to 28222
China: -0.7% to 3567
Germany: currently +1.1% to 15945
UK: currently +0.7% at 7495
—
Have a good Tuesday