Good morning. US equity futures are broadly lower, SPX -30pts, we’re set to open at 4367. USD is +0.3% at DXY 95.97. The precious metals are a little mixed, Gold +$3, with Silver -0.7%. WTIC is -0.1% in the $84s.
sp’60min
Summary
Last week ended on an ugly note, with the SPX breaking a multi-month low of 4395. S/t momentum settled on the extremely low side.
Overnight futures have been very mixed, seeing broad gains swing to moderate declines, and recovering to fractional declines. We’re set to open on a weak note.
The s/t cyclical setup favours the bulls. Typically, the market will lean upward ahead of the FOMC… due Wed’ 2pm.
As noted last Friday, I am hearing alarm bells, not least with monthly momentum having turned negative in the Nasdaq comp’ and R2K. Powerful bounces can be expected, but until the trend of weekly AND monthly momentum levels out, even the very bold will be treating all bounces as such.
My targets remain…
FCX, LAC, UEC
OXY, SLB, RIG, KMI
X, CLF
BAC, MOS, CFVI
Some of the prices are already very attractive. Energy stocks are still on the high side, and I will not buy back at this time/price.
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Early movers
AAPL -1.2%
AMC -5.0%, dumb WSB apes
AMD -2.6%
BA -1.4%
BAC -1.3%
CCJ -4.9%, Uranium stocks melting down
CCL -2.6%
CFVI -3.5% in the $11s
CLF -2.3%
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COIN -8.8%
Bitcoin is -7% in the $33000s
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DWAC -4.1%, another day closer to (Feb 21st) launch
F -2.6%, lower Rivian stock isn’t helping
FCX -1.8%, with copper -8cents to $4.44
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HAL -0.4%, EPS 92cents vs 34est. Rev’ y/y +32.1% to $4.3bn vs 4.1est. Broadly good!
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HOOD -5.1%, as sub $10 looks inevitable.
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KSS +26.1%, Sycamore Partners seeking to buy Kohls, with other companies also showing interest
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LAC -4.0%
M +5.3%, helped via Kohls
MRNA -3.4%, the m/t horror continues
NFLX -2.0%
NVAX -5.8%
NVDA -2.5%
OXY -0.6%
PFE -3.6%, Pfizer CEO says an annual vaccination preferable to ‘frequent boosters’.
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PLTR -3.0%
PTON -2.0%, Activist investor ‘Blackwell Capital’ issues letter requesting the CEO to be fired, and consider the company to be sold.
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RIVN -3.2%
ROKU -2.7%, not helped by NFLX
SLB -1.0%
SNAP -5.6%
SPCE -4.4%, 100% m/t horror
TSLA -3.5%
TSM +1.0%, spurious bounce
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TLT +0.2%, yields cool back a little
TLRY -2.1%
TWTR -2.6%… such a shame
UAL -1.6%
UEC -3.7%
VALE -2.7%, lower copper
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VIX +6% in the 30s
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X -2.2%
XOM -0.9%
ZM -1.4%, the m/t horror continues
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Overnight markets
Asian markets settled fractionally higher, whilst European markets are significantly lower…
Japan: +0.2% at 27588
China: +0.04% at 3524
Germany: currently -1.9% at 15299
UK: currently -1.2% at 7402
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Meanwhile…
As the war drums are getting distinctly louder in terms of Russia/Ukraine. As Celente says… ‘when all else fails, they take you to war’. A number of the western powers would like nothing less than a conventional war with Russia to keep the sheep/serfs ‘mentally occupied’, whilst they’re waiting for the next variant to make another push to implement even harsher mandates.
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In any case… I hope your weekend was restful. Yours truly made some good progress with drafting one of my cases. I’ve ordered a new laptop… which should arrive today. We’ve a long, and exceptionally busy week ahead, and we should pace ourselves!
Have a good Monday