Good morning. US equity futures are broadly flat, SPX +1pt, we’re set to open at 4379. USD is +0.2% at DXY 105.62. The precious metals are broadly weak, Gold -$7 (printing $1965), with Silver -1.0% (printing $22.38). WTIC is -1.3% in the $76s.
sp’60min
Summary
Yesterday saw considerable minor chop, if breaking a new cycle high of 4386, and settling higher for a seventh day. S/t momentum settled on the low side.
Overnight futures have been very subdued, we’re set to open broadly flat.
The bigger index, and especially VIX daily charts will be prone to showing a cyclical turn today.
As things are, natural target is still yellow gap, which would arguably equate to VIX 18s. I’m aware some are just seeking red gap with VIX 16s, before resuming upward into the 4400s.
Further, reading around, the split in opinion is becoming extreme. There is serious chatter of SPX 5K before year end. Some are even posting 6K ‘straight line up’ charts.
… others are holding to crash outlooks, partly based on the notion the middle east situation will escalate. On the latter, I find it difficult to see how things won’t escalate.
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Early movers
AFRM -3.7%, earnings due in AH
AG -2.1%, lower silver
AKAM +4.3%, Morgan Stanley, equalweight, 102>112
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AMC +3.3%, earnings due in AH
BROS +3.1%, post earnings gains
CELH +1.8%
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COIN -0.4%
Bitcoin is -0.2% at $35336
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DIS +0.4%, earnings due in AH
DVN -1.2%, post earnings cooling
EBAY -6.8%, post earnings depression
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ENVX +14.6%, news?
FCX -0.2%, with copper -1cent to $3.67
FSM +5.5%, post earnings jump
FSR -4.8%, post earnings depression
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GILD -1.6%, post earnings cooling
GOLD -0.7%
HOOD -9.2%, post earnings upset
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LI -3.4%, earnings due early Thurs’
NEM -1.3%
NVDA +0.3%
NXPI -2.1%
NVEI +8.0%, post earnings jump
OXY +0.7%, post earnings gains
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RBLX +1.8%, post earnings gains
RIVN +8.9%, post earnings jump
SLB -0.6%
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TLT +0.3%, as yields cool
TM -3.0%, the Toyota $10,000 truck is capturing attention.
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TOST -17.9%, post earnings horror
TSLA +0.4%
UAL +0.4%
UNG -2.0%, with Natgas $3.11
UPST -27.1%, post earnings horror
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VIX -0.4% at 14.75
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WBD -2.1%, EPS **
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XOM -0.4%
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Overnight markets
Asian markets were a little weak, whilst European markets are fractionally mixed…
Japan: -0.3% to 32166
China: -0.2% to 3052
Germany: currently -0.1% at 15137
UK: currently +0.05% at 7413
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Have a good Wednesday