Good morning. US equity futures are broadly lower, SPX -34pts, we’re set to open at 4454. USD is +0.1% at DXY 99.82. The precious metals are broadly higher, Gold +$14 (printing $1964), with Silver +2.0%. WTIC is -3.8% in the $93s (printing $93.40).
sp’60min
Summary
Last week ended with considerable chop, if leaning on the weaker side. S/t momentum ticked lower into the weekend, settling on the moderately high side.
Overnight futures have been leaning increasingly lower, not helped by other world markets. S/t momentum will be prone to turning negative by mid morning. S/t equity price structure is a bear flag, with a mirror bull flag in the VIX.
The bull flag will be confirmed if <4450… as seems realistic today. Soft target before Good Friday is 4400, with secondary of around 4300. As largely based on the Nasdaq chart (H/S structure), I don’t expect new multi-month lows (<4114) until June/July.
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Early movers
AAPL -1.1%
AG +1.9%, higher silver
AMC -1.9%, dumb apes.
AMD -1.4%.. the $100 stops being washed out
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ARKK -1.9%, a great start to the week for Ms. Wood
BA -0.7%
CCL -0.5%
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COIN -2.4%
Bitcoin is -2.6% in the $41000s
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DWAC +4.9%, inverse to Twitter news?
F -1.1%
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FCX -0.1%, with copper -2cents to $4.69
GDX +1.0%
GOLD +1.0%
LAC -1.4%
LI -6.0%, China lockdowns
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MRNA -1.7%
MSFT -0.9%
MU -1.5%
NAT +2.9%
NEM +1.2%, pushing for a new hist’ high
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NIO -8.5%, China lockdowns
NVDA -3.3%, Baird outperform>neutral, 360>225
OXY -1.9%
PYPL -1.6%
RIG -2.5%
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SHOP +2.5%, 10 for 1 stock split.
SLB -1.0%
SQ -2.4%
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T +2.2%, the AT&T subsidiary of WarnerMedia has been formally merged into Discovery. New ticker WBD, will start trading this morning
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TLT -0.7%, as yields keep climbing
TSLA -4.2%
UAL -0.9%
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VIX +6% in the 22s
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XOM -1.1%
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TWTR -2.8%
Elon has decided not to join our board. I sent a brief note to the company, sharing with you all here. pic.twitter.com/lfrXACavvk
— Parag Agrawal (@paraga) April 11, 2022
The relationship has ended before it had even started. Agrawal is a tier’1 garbage CEO, who would censor, delete, or kill you, whilst doing it with a smile.
Either Elon buys the whole company (that won’t come cheap), or walks away to focus on other things. I wish I could hope for the former, but I don’t think we’re in that timeline/universe.
Truth is the first casualty. pic.twitter.com/cN9PIfDvjr
— Elon Musk (@elonmusk) April 9, 2022
… and when I see that…. its just… sad. Elon effectively calling out the corrupt media.
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Overnight markets
Asian and European markets have all begun the week on a bearish note…
Japan: -0.6% at 26821
China: -2.6% at 3167
Germany: currently -0.2% at 14255
UK: currently -0.3% at 7647
Russia: currently -3.2% at 1044
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Have a good Monday