Good morning. US equity futures are significantly higher, SPX +72pts, we’re set to open at 4242. USD is -0.3% at DXY 98.77. The precious metals are broadly lower, Gold -$32 (printing $2010), with Silver -0.7%. WTIC is -4.2% in the $120s.
sp’60min
Summary
Yesterday was a real mess, with repeated bounce attempts failing. S/t momentum stalled from just below the key zero threshold, settling on the marginally negative side.
Overnight futures have seen a significant upswing… helped by European markets, on news of a 12hr ceasefire in Ukraine. Lets be clear… a ceasefire, giving residents the opportunity to flee the cities is NOT bullish. Its a minor and brief agreement.
Ohh, and there is news that regime leader Zelensky says he is no longing insisting on NATA membership.
see: https://www.zerohedge.com/markets/here-are-all-latest-news-and-developments-ukraine-war-march-8
As things are, we’re set to open significantly higher. Soft target is yesterday’s high of 4276. It will be very difficult to go much above 4340.
Further, keep in mind Thursday will see the latest CPI data, and that will be a reminder to Mr Market that inflation is spiraling out of control.
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Yours truly just holds… AG and KGC. I feel positively light, and its a good thing as my personal life remains… complex!
If there is any s/t trade I might take, it’d be long GLD CALLS. I’ll be considering that trade.
Bouncing equities > cooler gold.
As I’ll keep saying… if you believe SPX will lose 4K, that could be seen as bullish gold. Never mind the fact that technically, Gold is in the process of breaking up and away, with a grand target of 2400/2500.
… and yes, higher gold should pull silver upward, and in turn is bullish the related miners, not least GOLD, NEM, and AG.
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Early movers
AAPL +2%
AG -2%, earnings due early Thurs’
ALB +3.5%
AMD +3%, bouncing with the main market, but equally still m/t broken with the main market.
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BA +2%
BAC +2%
BMBL +20%, post earnings jump!
CCL +6%
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COIN +7%, crypto is higher, some ‘relief’ after the Whitehouse Exec’ order. It remains ludicrous how Coinbase swings around with crypto prices. What really matters is that volatility IS good for business, as the company makes hefty 1.5% commissions on both BUY and SELL orders.
Bitcoin is +9% in the $42000s
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DIS +2.5%
F +3%
FB +2%
FCX -2.0%, with copper -7cents to $4.63
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FNV -1.2%, earnings due in AH
GDX -2.6%
GOLD -4%
HAL -3.7%
LAC +6%
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LMT -2.4%, defense stocks cooling back… mostly just trading inverse to the main market.
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MGM +3%
MRNA +3%
MSFT +2.5
NEM -2.2%
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NKE +4%
NVDA +3.6%
OXY -5%
PFE +0.9%, running antiviral drug trials for kids 6+
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PYPL +1.6%
RIG -3%
RIVN +4%, earnings due Thurs’ AH
SFIX -26%, post earnings horror!
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SLB -3%
SQ +4.5%
TSLA +2.5%
TLT -0.5%, as yields climb ahead of Thursday’s CPI
UAL +4%
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VIX -6% in the 32s
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X +0.3%
XOM -3%
XPO +12%, the company to split into two listed companies.
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Overnight markets
Asian markets were broadly weak, whilst European markets are significantly/powerfully higher.
Japan: -0.3% at 24717
China: -1.1% at 3256
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Germany: currently +4.6% at 13426
France: currently +4.3% at 6221
UK: currently +1.4% at 7064
Russia… remains CLOSED.
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Have a good Wednesday