Good morning. US equity futures are a little higher, SPX +9pts, we’re set to open at 4367. USD is -0.1% at DXY 104.73. The precious metals are mixed, Gold -$6, with Silver +0.2%. WTIC is +0.8% in the $81s.
sp’60min
Summary
Last week ended on a broadly positive note, with the SPX printing 4373. S/t momentum did weaken across the day, settling on the moderately high side.
Overnight futures have been a little mixed. We’re currently set to open a little higher… if below last Friday’s highs.
The s/t cyclical setup favours the bears. Assuming we don’t break a new cycle high, basic retrace target is the 38% fib’ of 4270, which syncs with secondary downside yellow gap.
Yours truly holds two SPY PUTS blocks, and whilst the strikes (Nov’24th, Dec’1st) aren’t making me sleepless, I’d certainly like to quietly exit within Tues-Thurs’.
—
Early movers
AAPL -0.1%
ALB -1.1%, Morgan Stanley, underweight, 155>90
–
AMC +2.7%, earnings due Wed’ AH
AMD +0.5%
BABA +1.4%
BAC +0.5%
–
BNTX +2.6%, EPS **
–
BRK.B +0.4%, post earnings gains
COIN +2.1%
Bitcoin is +0.6% at $35242… trying to hold above new support of 35K.
–
DIS +0.3%, earnings due Wed’ AH
DISH -6.2%, post earnings depression
DVN +0.8%, earnings due Tues’ AH
FCX +1.3%, with copper +2cents to $3.70
–
FTNT -1.4%, HSBC, buy>hold, 75>49
GOLD -0.7%
–
LI +8.4%, earnings due early Thurs’
NIO +3.0%
–
NVDA +1.4%
OXY +0.6%, earnings due Tues’ AH
PARA -4.1%
PYPL +0.8%
–
RIVN +1.8%, earnings Tues’ AH
SLB +0.8%
SQ +1.2%
–
TLT -0.2%
TSLA +1.6%
UAL +0.8%
UBER +1.2%, earnings due early Tues’
UNG -3.4%, with Natgas $3.36
–
VIX +3% in the 15s
–
XOM +0.7%
—
Overnight markets
Asian markets were significantly higher, whilst European markets are a little weak…
Japan: +2.4% to 32708
China: +0.9% to 3058
Germany: currently -0.3% at 15149
UK: currently -0.1% at 7411
Here in the failed state of the UK…
https://www.bbc.co.uk/news/business-67332093
What little remains of our steel production is closing.
https://www.bbc.co.uk/news/uk-politics-67326497
Utter lunacy, as new oil/gas licenses are being issued on the notion that companies will push for ‘net zero’.
Such an anti-carbon mindset is literally anti-humanity, anti-life.
—
Have a good Monday