Good morning. US equity futures are broadly higher, SPX +34pts, we’re set to open at 4555. USD is -0.2% at DXY 95.42. The precious metals are a little mixed, Gold u/c, with Silver +0.1%. WTIC is -0.4% in the $88s.
sp’60min
Summary
Yesterday saw considerable chop, if leaning on the positive side. S/t momentum ticked upward into the close, settling on the marginally positive side.
Overnight futures have been increasingly positive, helped by other world markets. We’re set to open broadly higher in the 4550s.
Yesterday’s bullish engulfing candle in the SPX is set to play out. Green gap in the low/mid 4600s looks realistic. The only threat is Thursday’s CPI data.
Whilst I’m twitchy about tomorrow’s CPI data, I don’t think I’m bold enough to pick up any SPY Puts, or any shorts for that matter. The more cautious will wait for a clear turn in the daily cycle, and we just don’t have that right now.
I am certainly looking to pick back up CFVI, preferably in the 13/12s, and that does seem viable before the weekend.
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Early movers
AAPL +0.9%
AMD +1.5%
BABA +1.1%
CCJ +4.1%, post earnings jump
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CFVI -1.1%, price action remains unstable though.
CGC +4.5%, post earnings jump
CLF +1%
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COIN +0.7%
Bitcoin is -0.4% in the $43000s. Yesterday’s candle is a reversal from the most recent lower high.
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CMG +6.2%, post earnings jump
CRSR -0.9%, post earnings cooling, with some downgrades
CVS -2.4%, post earnings cooling
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DIS +0.8%… earnings due in AH
ENPH +20.0%, positive outlook for solar
F +2.4%
FB +1%
FCX +0.4%, with copper +2cents to $4.48
FSLR +5.3%, helped via Enphase
GDX +0.3%
LAC +1.3%
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LYFT -4.0%, post earnings cooling
MSFT +1.3%
MU +1.4%
NVDA +2.5%
OXY -0.5%
PENN +3.7%
PTON +0.8%
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PYPL +1.3%
SQ +1.9%
TEVA -1.3%, post earnings cooling
TSLA +1.6%
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TLT +0.6%, yields cooling back
TWTR +1.0%
UAL +1.0%
UEC +4.1%, helped via CCJ
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VIX -3% in the 20s
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X +0.9%
XOM +0.5%
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Overnight markets
Both Asian and European markets are broadly higher…
Japan: +1.1% to 27579
China: +0.8% 3479
Germany: currently +1.5% at 15477
UK: currently +0.8% at 7624
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Have a good Wednesday