Good morning. US equity futures are moderately lower, SPX -16pts, we’re set to open at 4356. USD is +0.1% at DXY 102.67. The precious metals are broadly lower, Gold -$11 (printing $1940), with Silver -2.2%. WTIC is +0.4% in the $69s.
sp’60min
Summary
Yesterday saw a new cycle high of 4391, cooling into the Fed, with a closing hour recovery to settle fractionally higher.
Overnight futures have been leaning on the weaker side. Lower hourly bollinger is 4307, but that looks out of range. Instead… 4350.
Yours truly has little interest in getting involved, not least ahead of a long weekend.
*Friday is quad-opex, and the market makers will be inclined to pin around the near psy’ level. Right now, that’d be 4350 or 4440.
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Early movers
ADBE -1.0%, earnings due in AH
AFRM -4.3%, no l/t future
AMD -1.6%
AMZN -1.0%
CCL -1.8%
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COIN -4.0%, lower crypto isn’t helping.
Bitcoin is -1.0% at $24868
Story: https://www.bbc.co.uk/news/business-65861096
Even the UK propaganda hacks of the BBC are starting to recognise the USA is at war with crypto.
It is clear… the Fed and US-Treasury will not allow any competition to their coming CBDC. It will all be made illegal at some point. I see no l/t future for Coinbase, Binance, or any of the exchanges/platforms.
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F -1.1%
GOLD -0.9%
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LEN +2.2%, earnings (Wed’ AH), EPS $2.94 vs 2.32est. Rev’ y/y -6.3% to $8.0bn vs 7.2est. Deliveries 17074. Guidance raised.
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MU -1.2%
NEM -1.4%
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NVDA -1.7%
OXY +0.2%
PLTR -2.6%
SLB +0.5%
TLT -0.3%, as yields climb
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TSLA -3.3%, Elon to meet regime leader Macron in the failed state of France, largely to discuss how many ‘EU incentives’, aka bribes, will be offered to build a factory.
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UAL -0.6%
UNG +0.8%, with Natgas $2.35
UNH +0.9%, dead cat bouncing
UPST -3.6%
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VIX +2% in the 14s… offering little to the equity bears.
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X -0.5%
XOM +0.2%
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Overnight markets
Asian and European markets were moderately mixed…
Japan: -0.1% to 33485
China: +0.7% to 3252
Germany: currently -0.6% at 16217
UK: currently +0.1% at 7612
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The Dollar remains King of FIAT land…
Despite all the dollar doom talk from the usual suspects (not least Schiff), the dollar is holding above the DXY 100 threshold. This sure isn’t helping gold, and many other commodities.
S/t bulls do need to re-take the monthly 10MA, currently in the 104s. Bears need a monthly settlement <100, and that doesn’t look viable any time soon.
Have a good Thursday