Good morning. US equity futures are leaning higher, SPX +7pts, we’re set to open at 4236. USD is -0.3% at DXY 106.39. The precious metals are fractionally higher, Gold +$1, with Silver +0.1%. WTIC is -2.1% in the $87s.
sp’60min
Summary
Yesterday opened broadly lower, with the market breaking a new cycle low of 4216, just 16pts above the critical daily 200MA. The closing hour saw a vain bounce to settle at 4229.
Overnight futures have been choppy, we’re set to open a little higher, as the s/t cyclical setup favours the bulls. A push to 4300/4330s looks viable before the weekend. Teal gap looks a stretch, even if you assume the bulls can bounce into next week.
Yours truly has ZERO interest in getting involved at this time/price. I should NOT chase lower, and will merely hope for a multi-day bounce.
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Early movers
AAPL -0.9%, keybanc, overweight>sector-weight, removes p/t of $200
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AMZN +0.4%
BA +0.4%
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CALM -12.1%, (earnings Tues’ AH): EPS 2cents vs 57est, and vs $2.57 prior yr. Rev’ $459M vs 479est, and vs 658 prior yr. An ugly double miss.
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COIN +1.2%
Bitcoin is +0.6% at $27604
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DVN -1.4%
ENVX -2.9%… in the lowly $10s.
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INTC +2.1%, to spin off its ‘programmable chip division’, if not for another 2-3 yrs. The division was bought for $16.7bn in 2015, as part of ‘Altera’.
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LAC +11.2%, ‘Lithium Americas’, with a price of around $10.75.
The company/stock has split into two.
The new sister company is ‘Lithium Argentina’ (new ticker: LAAC)
https://www.globenewswire.com/news-release/2023/10/03/2754145/0/en/Lithium-Americas-Closes-Separation-to-Create-Two-Leading-Lithium-Companies.html
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NEM +0.8%
ON -2.0%
OXY -1.1%
PLTR +3.2%, contract with the UK’s NHS
SLB -1.4%
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TLT +0.8%, as yields cool back
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TLRY +2.7%, EPS -10cents vs -5est. Rev’ y/y +15.5% to $177M vs 174est. Guidance held. Broadly… lousy.
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TM -3.5%, news?
TSLA +0.5%
UNG +1.2%, with Natgas $2.98
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VIX +1%… around 20.00
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XOM -0.7%
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Overnight markets
Asian markets were very significantly lower, whilst European markets are a little mixed…
Japan: -2.3% to 30526
China: CLOSED
South Korea: -2.4% to 2405
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Germany: currently +0.2% at 15112
UK: currently -0.1% at 7461
Here in the failed state of the UK…
https://www.bbc.co.uk/news/technology-67002195
The UK’s debt totals £2.6trn ($3.1trn).
Relative to the US popn… it’d be (6x) $18trn, so almost half per capita.
https://www.bbc.co.uk/news/uk-politics-66998692
.. as the UK can’t even build a single new railway line.
https://www.bbc.co.uk/news/business-66997316
With the weaker GBP, gasoline prices are around $7.30. Not great.
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Have a good Wednesday