Good morning. US equity futures are moderately higher (ahead of PPI), SPX +20pts, we’re set to open at 3983. USD is -0.1% at DXY 104.68. The precious metals are leaning upward, Gold +$11 (printing $1814), with Silver +0.3%. WTIC is +0.7% in the $71s.
sp’60min
Summary
Yesterday saw considerable chop, if leaning on the upward side. S/t momentum maxed out in the early afternoon, settling on the moderately high side.
Overnight futures have been pretty subdued, if leaning upward.
That could easily flip, when the PPI data is released.
Price structure of a bear flag would be negated if >4K, or fully confirmed <3918. Daily momentum favours the latter.
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Early movers
AAPL +0.8%
ABC -2.6%, Walgreens (WBA) offloads $1bn of stock
AFRM -2.2%
AG +1.3%, higher silver
AMD +0.7%
AVGO +3.4%, post earnings gains
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BA +0.8%
BAC +0.6%
CHWY -1.1%, post earnings cooling
CLF +1.4%
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COIN -1.1%
Bitcoin is +0.1% at $17245.
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COST -0.5%, post earnings cooling
CS +3.0%
DOCU +11.5%, post earnings jump
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FCX +0.3%, with copper u/c at $3.88
GME -1.5%
GOLD +1.3%
LI -1.2%, post earnings cooling
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LULU -7.0%, post earnings upset, although earnings were arguably very good.
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META +0.7%
NFLX +2.8%, ad supported tier launches
PYPL +0.8%
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RH +1.4%, post earnings gains
TSLA +1.6%
UAL +0.5%
UNG -0.6%, with Natgas $5.92
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VIX +1.3% in the 22s
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X +0.5%
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Overnight markets
Asian markets were very mixed, whilst European markets are moderately mixed…
Japan: +1.2% to 27901
China: +0.3% to 3206
Germany: currently +0.5% at 14334
UK: currently -0.1% at 7464
Here in the failed state of the UK, things have already turned so bad, they’re seeking to change the banking rules…
https://www.bbc.co.uk/news/business-63905505
‘Rules that forced banks to legally separate retail banking from riskier investment operations will be reviewed.’
The very time when rules should be maintained, if not tightened, and the regime wants to loosen things up. What could possibly go wrong?
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Have a good Friday