Good morning. US equity futures are fractionally higher (ahead of PPI), SPX +7pts, we’re set to open at 4098. USD is -0.1% at DXY 101.03. The precious metals are leaning upward, Gold +$11 (printing $2043), with Silver +0.4%. WTIC is -0.2% in the $82s.
sp’60min
Summary
Yesterday saw early upside to break a fractional new multi-week high of 4134, but after some swings, the market ended on a weak note.
I’d especially note that yesterday saw many black and bearish engulfing daily candles, all of which are highly suggestive that today will be net bearish.
Overnight futures have been subdued, we’re currently set to open a little higher. We’ve the PPI data at 8.30am EST, and that might be the excuse for a swing lower. Soft target is last week’s low of 4069, and then the 4030s.
Again, I’d look to the VIX… as a break AND hold above the key 20 threshold appears due today or tomorrow.
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Early movers
AAL +2.0%
AAPL +0.5%
AMZN +0.5%
BX +2.5%
CLF +0.8%
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COIN +2.3%
Bitcoin is +1.1% at $30232
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DAL +3.2%, EPS 25cents vs 30est. Rev’ y/y +36.5% to $12.76bn vs 12.25est. Positive guidance. Assuming annual EPS of $1… FPE is around 30… this is very expensive, ahead of a recession.
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DIS +0.3%
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FAST -1.6%, EPS 52cents vs 51est. Rev’ y/y +9.1% to $1.9bn inline.
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FCX +0.6%, with copper +2cents to $4.10
GOLD +0.9%
NEM +0.8%
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PYPL +0.6%
MRK +1.4%, Citi neutral>buy, 105>130
SQ +1.9%
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SRPT -9.6%, news?
TGT +0.4%
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TLT -0.3%
TSLA +0.9%
UAL +3.4%
UNG +0.6%, with Natgas $2.11
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VIX -1% at 18.90
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XOM -0.5%
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Overnight markets
Asian markets were a little mixed, whilst European markets are fractionally mixed…
Japan: +0.3% to 28156
China: -0.3% to 3318
Germany: currently -0.05% at 15695
UK: currently +0.03% at 7827
Here, there is chatter from the BoE that deposit insurance (currently $106K) might be raised.
https://www.bbc.co.uk/news/business-65259702
Naturally, Bailey of the BoE says “Today I do not believe we face a systemic banking crisis”… which in itself should concern you.
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Have a good Thursday