Good morning. US equity futures are fractionally higher, SPX +5pts, we’re set to open at 5935. USD is +0.6% at DXY 107.98. The precious metals are a little mixed, Gold -0.2% (printing $2630), with Silver +0.3% (printing $30.17). WTIC is -0.25% in the mid $69s.
sp’60min
Summary
Last week ended on a significantly positive note… although that was from a new s/t low of 5832. S/t momentum settled on the high side.
Overnight futures have seen a few swings, we’re set to open fractionally higher.
The default this week will be for subdued price action, with a fair number just taking the rest of the year off.
Reading around, some are looking at a little upside, before a rollover. Daily charts offer a H/S scenario, which would see the market test the 200dma before the inauguration. Confidence in that is LOW… not least as a ‘Santa rally’ is typically the case from Dec’26th into early January.
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Early movers
AAPL +0.3%
AMD +1.6%
ARM -1.6%, legal issues with Qualcomm
BA +1.2%… still holding <200dma
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COIN -0.6%
Bitcoin is +0.9% at $95988. Cyclically… on the very low side, as the setup favours the bulls into early 2025
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FCX +0.3%, with copper +1cent at $4.10
GOLD -0.4%
HMC +15.2%, Honda planning to merge with Nissan
LLY +1.5%
MU +0.7%
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NKE -0.8%
NVDA +1.0%
NVO +5.2%, mostly just dead cat bouncing
OXY +2.5%
QCOM +2.8%, legal issues with ARM
RCAT +11.6%, drone hysteria
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RUM +45%, Crypto firm ‘Tether’ is buying 103.3M at $7.50. Rumble to use $250M for ‘growth initiatives’, with a self tender of 70M common stock at $7.50. CEO might sell ‘no more than 10M of stock’
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SMCI +2.1%
SOUN +3.4%
TSLA +2.8%
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VIX +0.7% at 18.49
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Overnight markets
Asian markets were very mixed, whilst European markets are a little mixed…
Japan: +1.2% to 39161
China: -0.5% to 3351
Germany: currently -0.1% at 19871
UK: currently +0.2% at 8097
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Have a good Monday