US equities open significantly higher, with the SPX printing a new hist’ high of 5064. VIX has been knocked back into the 14s, as everything is fine again.
sp’60min
VIX’60min
Summary
By default, a new hist’ high makes its a day AND week for the equity bulls.
Yes, the opening gains are a little shaky, but s/t momentum should be increasingly positive into the early afternoon. Further, yes… the opening gap will be an issue.
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notable stock: NVDA
Earnings were very good: EPS $5.16 vs 4.59est. Rev’ y/y +265% to $22.1bn vs 20.1est. Positive guidance. With a new hist’ high, talk of psy’ $1000 will rapidly increase, as seems realistic within April/May. Daily momentum due to turn positive on Friday.
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notable weakness: RIVN
Earnings were lousy… EPS -$1.36 vs -1.35est. Rev’ y/y +98% to $1.3bn inline. Rivian guides for 57K vehicles for the year, touting a Q4 2024 ‘modest gross profit’. Emphasis on the GROSS… not net, as I struggle to see Rivian surviving.
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notable strength: SMCI
The hysteria has resumed, clearly helped by NVDA
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notable miner: NEM
EPS 50cents vs 44est. Rev’ y/y +23.7% to $4.0bn vs 3.4est. 136M oz of gold reserves, vs 96M for 2022. Newmont is looking to sell six ‘non-core projects’. Broadly good, but the market doesn’t care. Gold printing $2031 isn’t helping.
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re: Twitter… no. I might return next Monday, but the idea of not returning until the next tax year is appealing.