Good morning. US equity futures are moderately higher (ahead of CPI), SPX +14pts, we’re set to open at 3832. USD is -0.1% at DXY 107.82. The precious metals are a little higher, Gold +$4, with Silver +0.3%. WTIC is +0.8% in the $96s (initially printing $93.67).
sp’60min
Summary
Yesterday saw considerable chop, if with a distinct case of the more cautious bailing ahead of CPI into the close.
Overnight futures have seen a few swings, we’re currently set to open moderately higher… but that is clearly going to change once CPI is released.
My guess…. early weakness, but then reversing back upward. A number of stocks – such as AAPL, and BA, are suggestive of a broader bounce… despite ‘the reality’ getting worse by the day.
Yours truly should pick up OXY today.
Further, I want to add to SLB, KMI, CHPT, and RIG.
… as energy stocks remain one of the few trades I’m comfortable with.
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Early movers
AAL -1.5%, in sympathy with Delta
AAPL +0.3%
AMZN +0.3%
CHPT -0.6%, COO insider selling
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COIN +1.1%
Bitcoin is +2.7% in the $19000s. The only issue is whether 30k… before an equally probable 13/12k.
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DAL -3.7%, EPS $1.44 vs 1.72est. Rev’ y/y +94% to $13.8bn vs 13.4est. Guidance inline. Broadly ‘fine’.
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FAST -5.5%, post earnings depression
FCX -1.1%, with copper -1cent at $3.28. Printing $3.24
GDX +0.5%
GOLD +0.5%
GPS -1.1%, the m/t horror continues
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IS +64.0%… Ironsource to merge with Unity Software
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JNPR -2.8%, Piper Sandler, neutral>underweight, 34>27
KMI +0.8%
LAC +1.1%
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MSFT +0.4%
NCLH -0.8%, UOA yesterday (Dec’ $5 PUTS)
OXY +0.3%
RIG +0.4%
SLB +0.4%
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TLT -0.2%, as yields climb ahead of CPI
TSLA +0.3%
TSM +1.7%
TWTR +2.3%, Piper Sandler maintain ‘neutral’, $54.20>30.00
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U -6.8%, Unity software to merge with ‘Ironsource (IS), in an all-share deal.
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UAL -2.0%, in sympathy with Delta
UNG +3.9%, with Nat’ gas +28cents to $6.44
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VIX +0.3% in the 27s
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WYNN +1.4%
XOM +0.3%
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Overnight markets
Asian markets were a little higher, whilst European markets are broadly lower…
Japan: +0.5% at 26478
China: +0.1% to 3284
Germany: currently -1.0% at 12766
UK: currently -0.8% at 7152
https://www.bbc.co.uk/news/business-62146064
GDP May +0.5%.
I’d note even the mainstream are expecting inflation to hit 11% later this summer/autumn.
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Special note…
Today will be an ‘Open day’, with my posts available to all. Its the best form (and free) advertising I can get.
Have a good Wednesday
Yours… another day, another year.