Good morning. US equity futures are broadly lower, SPX -31pts, we’re set to open at 3917. USD is +0.7% at DXY 102.90. The precious metals are a little mixed, Gold -$4, with Silver u/c. WTIC is -2.8% in the $66s.
sp’60min
Summary
Yesterday saw early strength, but with a classic turn from around 11am, with a late afternoon bounce.
Overnight futures were initially higher, but we’ve seen a rather strong swing lower, dragged lower by European markets.
Yesterday’s SPX black daily candle is set to play out at the open. I’d note that s/t momentum is already on the low side. The market will be inclined to bounce from 11am.
I see ALL bounces as shortable, as the system is increasingly falling apart.
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Yours truly is NOT interested in chasing lower, not least ahead of the weekend. I don’t expect to get involved again until next Mon/Tuesday.
I’ll hope for a bounce to around 3970/80. Anything >4K looks a stretch.
The Dec’ low of 3764 is prime target within the next few weeks.
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Early movers
AMD -0.8%
BA -1.1%
BAC -2.1%
BCS -4.2%, spiraling UK financials
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CAT -1.3%
CCL -2.2%
CLF -2.0%
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COIN -1.9%
Bitcoin is -0.8% at $28117. Daily momentum is weakening. A break >30k looks increasingly difficult.
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CS -6.0%… soon to be delisted, having been (arguably) forcibly merged into UBS.
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DB -9.5%, Deutsche Bank is the primary reason the German market took the European markets, and the US market lower overnight. Credit spreads have exploded, as this Eurotrash only marginally less problematic than Credit Suisse.
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DVN -2.5%
FCX -2.1%, with copper -6cents to $4.05
FRC -4.8%, I see no l/t future.
HSBC -4.1%
JPM -2.0%
KRE -2.2%
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META +1.1%, further hopes that rival Tiktok will be banned within the US
MRO -2.9%
MSFT -0.7%
NVDA -0.9%
OXY -2.2%
RIG -3.2%
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SAN -3.7%, spiraling EU financials
SCHW -1.9%
SLB -2.3%
SNAP +1.2%, tictok!
SQ -1.7%
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TLT +0.7%, as yields cool back
TSLA -1.0%
UAL -0.9%
UBS -4.4%
UEC -10.3%
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VIX +8% in the 24s
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WFC -1.8%
WYNN -1.0%
X -1.7%
XOM -2.2%
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Overnight markets
Asian markets leaned weak into the weekend, whilst European markets are very significantly lower…
Japan: -0.1% to 27385
China: -0.6% to 3265
Germany: currently -2.4% at 14838
UK: currently -2.0% at 7348
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Have a good Friday