Good morning. US equity futures are leaning weak, SPX -19pts, we’re set to open at 5694. USD is +0.2% at DXY 100.59. The precious metals are significantly higher, Gold +0.9% (printing a new hist’ high of $2640), with Silver +1.5% (printing $31.67). WTIC is -0.4% in the upper $70s.
sp’60min
Summary
Yesterday saw a net hist’ high of 5733, with a little cooling into the close, settling at 5713. S/t momentum rolled over, settling on the moderately high side.
Overnight futures have been leaning on the weaker side, we’re set to open -15/20pts.
Today is quadruple option expiration – quad-opex. We can expect considerable chop on VERY HEAVY vol’. There will be some index rebalancing as of the close.
The s/t cyclical setup favours the bears, with momentum prone to turning negative by early afternoon. We should look for a pin around psy’5700, or intermediate psy’5650… on a stretch.
Last Sunday saw Trump shooter’2, and I have to wonder what kind of ‘weekend surprise’ we’ll get this weekend. I’m sure there will be something.
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Early movers
AAPL -0.5%
AG +2.0%
ALB -1.1%
AMAT -0.9%
BABA +1.0%
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BAC -0.3%
CCJ +5.7%, news?
CHWY -1.9%
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COIN +0.9%
Bitcoin is currently +1.1% at $63656. S/t bullish unless <60k.
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DJT -4.3%
FCX u/c, with copper +2cents to $4.36
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FDX -12.6%, post earnings horror
GOLD +1.2%
HAFN -4.9%
INTC -0.8%
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LEN -2.8%, post earnings depression
MU -0.4%
NEM +1.5%
NKE +6.6%, new CEO (Elliott Hill, as of Oct’14)
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NVDA -0.9%
PLTR -2.2%, … despite Army contract, $99.8M
TSLA -0.6%
TSM -0.9%
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UEC +1.5%
UNG +0.1%, with Natgas $2.34
UPS -2.4%, in sympathy with FedEx
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VFS -1.8%, EPS -33cents vs -22est, and vs -24 prior yr. Rev’ $352M vs 328 prior yr. Lousy.
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VIX +0.4% at 16.40
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Overnight markets
Asian markets were rather mixed, whilst European markets are broadly lower…
Japan: +1.5% to 37723
China: +0.03% to 2736
Germany: currently -0.9% at 18838
UK: currently -0.5% at 8287
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Have a good Friday