Good morning. US equity futures are broadly flat (ahead of CPI), SPX +4pts, we’re set to open at 4112. USD is -0.1% at DXY 101.78. The precious metals are leaning upward, Gold +$5 (printing $2036), with Silver +0.3%. WTIC is u/c in the $81s.
sp’60min
Summary
Yesterday saw considerable… if positive leaning, chop into the late afternoon. The closing hour saw some cooling, as some decided to exit ahead of the CPI data.
Overnight futures have been subdued, we’re set to open broadly flat, but that is clearly going to change with the CPI data.
I’d keep in mind… consensus:
Headline y/y: 5.2% vs 6.0% prior
Core y/y: 5.6% vs 5.5% prior.
The s/t cyclical setup favours the bears.
Daily VIX momentum is due to turn positive on Thursday.
Daily SPX momentum might turn negative on Friday.
One way or another… price action will be far more dynamic across the next few days.
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Early movers
AMC +3.5%, Wall… Street… Bets.
AMD -0.7%
BABA -1.7%
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COIN -0.7%
Bitcoin is -0.7% at $30010
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DIS -0.1%… This is the way
FCX -0.2%, with copper -2cents to $3.99
GOLD +0.4%
JD -2.3%
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MRNA -0.8%, JPM 145>140
MU -0.3%
NIO -1.2%
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NVDA -0.4%
SCHW +0.5%
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TLT -0.1%
TSLA -0.4%
UNG -0.8%, with Natgas $2.22
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VIX +1% in the low 19s
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WDC -0.8%
XOM +0.4%
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Overnight markets
Asian and European markets both leaning upward…
Japan: +0.6% to 28082
China: +0.4% to 3327
Germany: currently +0.2% at 15680
UK: currently +0.6% at 7830
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Have a good Wednesday