Good morning. US equity futures are broadly lower, SPX -35pts, we’re set to open at 4236. USD is +0.5% at DXY 101.75. The precious metals are significantly lower, Gold -$22 (printing $1905), with Silver -2.3% (printing $23.51). WTIC is -3.0% in the $97s (printing $96.85).
sp’60min
Summary
Last week ended on an outright ugly note, with the market ending powerfully lower. S/t momentum is flat-lining on the extremely low side.
Overnight futures have been increasingly leaning weak, pressured by other world markets. We’re set to open broadly lower, in the 4230s or so.
On the daily chart, we have a legacy gap of 4188/73, which is clearly viable within the near term.
Best guess… downside Mon/Tuesday, then a 1-3 day bounce, before resuming lower.
The broader setup for May is pretty dire. All those ‘crazy talk’ targets for individual stocks that I published on Twitter last evening, look set to be hit within the next 1-3 months.
The very cautious will be on the sidelines into the summer.
The bold will short any, and all such bounces.
Yours truly holds: GOLD, AG, HL, KGC, RIG, CLF. I’ll be looking to exit all six later this week… if I can get breakeven or better.
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Early movers
AA -3.5%, commodity stocks hit hard
AAPL -1.0%, earnings Thurs AH
AG -3.9%, lower silver
ALB -1.7%
AMD +0.5%, I see no news for this anomaly
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BA -1.5%
BABA -3.2%, Chinese market whacked
BAC -1.6%
CCJ -4.5%
CCL -1.7%
CLF -3.8% in the $27s. Support 26s.
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COIN -1.5%
Bitcoin is -1.8% in the $38000s. Its almost a wonder it isn’t down much more.
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DB -3.6%, German/European financials smashed
DE -3.4%, main market pressure
DIS -1%
DVN -3.2%
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DWAC -3.0%, main market pressure, but also fear that Elon will successfully agree a takeover of Twitter.
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FB -1%
FCX -3.4%, with copper -12cents to $4.45
GDX -3%
GOLD -4%
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KO +0.3%, EPS 64cents vs 58est. Rev’ y/y +16.7% to $10.5bn vs 9.8est. Broadly very good, as the global populace sure love their carbonated high sugar drinks.
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LAC -3%
MOS -2.7%
MRNA -0.7%
MSFT -1%, earnings Tues’ AH
NEM -4%
NFLX -1.2%, the horror continues. Clearly a bounce is due… but m/t bearish $124s.
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NVDA -2%
OXY -3.5%
RIG -4.0%
SLB -3%
TGT -1.4%
TLT +0.9%, as yields cool back
TSLA -4%
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TWTR +5%, as Elon and Twitter are in discussions to agree a takeover
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UAL -2%
UEC -3.3%
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VIX +6% in the 29s (printing 30.05)
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WBD -2.9%, streamers still falling
X -4%
XOM -2.8%
ZM -1.7%, the m/t horror continues
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Overnight markets
Its real ugly out there…
Japan: -1.9% at 26590
China: -5.1% at 2928
Germany: currently -1.7% at 13907
UK: currently -2.0% at 7370
Russia: currently +1.6% at 943
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Have a good Monday