Good morning. US equity futures are leaning upward, SPX +7pts, we’re set to open at 4143. USD is -0.15% at DXY 100.83. The precious metals are a little mixed, Gold +$6, with Silver -0.2%. WTIC is +2.4% in the $73s.
sp’60min
Summary
Last week ended on a very positive note. S/t momentum settled on the very high side.
Overnight futures have been subdued, if currently leaning a little higher.
Upside resistance… 4160s, 4186, and then 4195. Any sustained action >4200 looks very unlikely. I would look for a turn on Tuesday… ahead of Wednesday’s CPI.
Yours truly is entirely on the sidelines, but I should launch a re-short tomorrow, or certainly no later than Wed’ morning. Basic downside/retrace target is yellow gap.
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Early movers
AAL +3.2%, JPM neutral>overweight, 26>29
AAPL -0.2%
ALB +2.8%, RBC ‘outperform’, 309>295
AMC -3.7%
BAC +1.1%
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BNTX +4.9%, EPS $2.05 vs 0.70. Rev’ y/y -80.0% to $1.28bn vs 1.09est. Affirming C19 rev’ 2023 of $5.0bn.
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COIN -2.4%
Bitcoin is -2.0% at $28002
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DIS +0.4%, earnings due Wed’ AH
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DISH -2.8%, EPS 35cents vs 39est. Rev’ y/y -8.5% to $4.0bn vs 4.1est. Net subscriber loss of 552k. Holding 9.2M subs.
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DVN +2.0%
EOG +2.3%
FCX +1.1%, with copper +6cents to $3.94
GOLD +0.4%
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KEY +3.7%
KRE +2.2%
LAC +1.5%
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LUV -1.2%, concern about new Biden rules for airline cancellations
MU -0.3%
NVDA -0.3%
OXY -0.5%
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PACW +37.8%
PNC +1.6%
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RBLX +1.5%, speculative buying ahead of earnings Wed’
RIG +1.5%
SCHW +1.8%
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SIX +9.2%, EPS -84cents vs -86est, and vs -76 prior yr. Rev’ y/y +3.0% to $142M vs 133est.
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SLB +1.6%
SNOW +3.8%
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TLT -0.4%
TSLA +2.4%
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TSN -8.6%, EPS -4cents vs +0.80est. Rev’ $13.1bn vs 13.6est. Guidance cut… as consumers cutting back on food.
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UNG +3.4%, with Natgas $2.18
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VIX +2% in the 17s
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VLO +1.5%
WAL +11.2%
WYNN +1.1%, earnings Tues’ AH
XOM +1.3%
ZS +21.2%, updated positive guidance
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Overnight markets
Asian markets were very mixed, whilst European markets are fractionally higher…
Japan: -0.7% to 28949
China: +1.8% to 3395
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Germany: currently +0.15% at 15985
France: currently +0.2% at 7449
UK: CLOSED (something to do with a King… I hear)
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Have a good Monday