Good morning. US equity futures are leaning upward, SPX +9pts, we’re set to open at 4339. USD is +0.2% at DXY 105.29. The precious metals are broadly higher, Gold +$6, with Silver +1.3%. WTIC is +0.9% in the $90s.
sp’60min
Summary
Yesterday opened broadly weak, with the market ending on an ugly note. S/t momentum settled on the low side.
Overnight futures have been choppy, if leaning a little higher.
Yesterday’s opening gap is an issue, but it looks out of range. Having lost the August low, next support isn’t until around 4240.
Yours truly holds heavy short. I’d like to raise some cash*, but I should wait until we’re around 4240.
Block’1… I might cut back on.
Block’2… I will hold until Oct’2nd.
*I’d like to raise some cash, in case I want to pick up Block’3, perhaps a secondary crash-position. Again, such positions are highly speculative, but small size (in dollar terms), and I can afford to lose them.
Regardless… I’m pretty content to hold broadly short across the weekend.
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Early movers
AAPL +0.5%
AG +1.7%
ALB +1.4%
ARM +1.0%, day’7
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BABA +3.9%, bouncing Chinese ADRs
CART +2.4%, day’4
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COIN +0.7%
Bitcoin is +0.2% at $26629. Daily momentum prone to turning negative early next week.
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DE -0.9%, Canaccord, buy>hold, 530>400
F -0.5%, NHTSA probe into 240k eco-sports vehicles
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FCX +1.3%, with copper +2cents to $3.72
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FLUX -16.4%, earnings (Thurs’ AH), EPS -9cents vs -5est. Rev’ y/y +7.0% to $16.25M vs 16.39est. Flux Power is a micro cap… $70M
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GOLD +0.7%
META +0.8%
MGM +0.6%
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NKE +0.6%, Telsey ‘outperform’, 135>128
NIO +3.8%
NVDA +1.0%
OXY +1.0%
PFE +0.9%, but still l/t horror
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SCHL -17.5%, earnings (Thurs’ AH), EPS -$2.20 vs 1.35est, and vs -1.33 prior yr. Rev’ $228M vs 269est, and 263 prior yr. Scholastic warns of a ‘softening retail book market’. Market cap… around $1.1bn
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SLB +0.6%
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TLT +0.1%
TSLA +0.4%
UNG +0.5%, with Natgas $2.63
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VIX -1% in the 17s
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X +1.3%
XOM +0.7%
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Overnight markets
Asian and European markets ending the week mixed…
Japan: -0.5% to 32402
China: +1.5% to 3132
Germany: currently -0.1% at 15563
UK: currently +0.7% at 7732
Here in the failed state of the UK…
https://www.bbc.co.uk/sport/football/66882379
… another fit & healthy sports person dies… suddenly.
What could possibly be the cause?
We know the probable cause, even if the mainstream media hacks would never say.
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Have a good Friday