Good morning. US equity futures are significantly lower (ahead of the CPI data), SPX -47pts, we’re set to open at 4230. USD is +0.2% at DXY 98.25. The precious metals are moderately higher, Gold +$10 (printing $2013), with Silver +0.4%. WTIC is +2.4% in the $113s (printing $114.21).
sp’60min
Summary
Yesterday saw the market build rather powerful gains into the afternoon. The late afternoon saw a distinct reversal from 4299. S/t momentum subtly ticked lower into the close, settling on the high side.
Overnight futures have taken a swing lower, not helped by weak European markets.
Now… its merely a case of how CPI prints.
3 scenarios…
‘hot’… market sustainably lower
‘inline’… market might swing back upward
‘cooler’… market will be inclined to rally back toward the 4300s.
Regardless, its a Thursday, we’re s/t cyclically high, and the setup does favour the bears.
Yours truly is increasingly frustrated. Whilst I’m not losing money, neither am I making any. I’ve ‘other things’ on my agenda… into early April.
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Early movers
AAPL -1.3%
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AG +1.7%, earnings **
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ALB -2.7%
AMD -1.6%
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AMZN +5.2%, 20 for 1 stock split (takes effect June 6th). $10bn buyback.
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BABA -3.7%, m/t communist horror
BAC -0.9%
BCS -2.4%, weak UK financials
CCJ +2.0%
CCL -1.8%
CRWD +12%, post earnings jump
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COIN -4.1%, lower crypto.
Bitcoin is -6% in the $39000s
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DB -3.4%, German/European financials resuming lower
F -0.9%
FB -1.6%
FCX +0.5%, with copper +3cents to $4.65
GDX +0.5%
GOLD +0.7%
HAL +1.5%
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INTC -1.0%
JD -5.9%, post earnings depression, m/t communist horror
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KBH +1.3%, JPM neutral>overweight 51>64
LAC -2.7%
LMT +0.4%
MOS +2.9%
MRNA -1.7%
MSFT -1.8%
MU -1.8%
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NEM +0.6%
NIO -3.3%, debuts on the HK exchange
NVAX -2.6%
NVDA -2.4%
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OXY +1.3%
PYPL -1.6%
RIG +2.0%… as the $5s are new support
RIVN +1.6%, earnings due in AH
SLB +1.6%
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SQ -2.4%
TSLA -1.3%
TLT -0.7%, bonds lower, with yields higher… ahead of CPI
TWTR -1.4%
UAL -1.9%
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VIX +3% in the 33s
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X +1%
XOM +1%
ZM -1.6%, m/t horror
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Overnight markets
Asian markets powered upward, whilst European markets are powering downward…
Japan: +3.9% at 25690
China: +1.2% at 3296
Germany: currently -3.2% at 13399
UK: currently -1.3% at 7098
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Have a good Thursday