Good morning. US equity futures are significantly higher, SPX +65pts, we’re set to open at 5732. USD is -0.2% at DXY 103.57. The precious metals are leaning upward, Gold +0.2% at $3032, with Silver +0.5% at $33.69. WTIC is +0.9% in the upper $68s.
sp’60min
Summary
Last week ended with an upside reversal. The closing hour itself saw a bullish engulfing candle, with s/t momentum continuing to swing back toward the bulls.
With quad-opex out of the way, the market will be more free to climb. Overnight futures have been distinctly positive. We’re set to open +65pts or so… to the 5730s. Basic target is around 5820, whether this week… or next, it shouldn’t matter to most.
My core notion is that the market should be seen as broken unless >6K. In theory, we should look for the bounce to stall, and break a new low to 5100/4900s.
I see ZERO reason to be short until we’re in early April. The smarter ones will be looking for weekly cyclical momentum to stall/level out, and that might not occur for 3-5 weeks.
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Early movers
AAPL +0.8%
AG +1.3%
AMD +2.6%
AMZN +1.6%
ARKB +4.3%
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AZEK +20.7%, (building materials company), being bought by James Hardie for $8.75bn
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BA +1.6%
BROS +3.9%, Morgan Stanley, overweight, $82
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BUD -1.4%
CLF +2.2%
CLSK +3.8%
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COIN +4.3%
Bitcoin is +1.8% at $87607
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DIS +0.2%… as SnowWoke… bombed
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FCX +2.5%, with copper +5cents to $5.17. Needs $5.21 for a new hist’ high.
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GM +2.3%
GME +4.0%, earnings Tues’ AH
GOLD +0.6%
GOOGL +1.6%
HOOD +4.9%
INTC +1.2%
JHX -11.2%, buying AZEK for $8.75bn
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LMT -1.8%, bearish follow through, after losing the F47 contract to Boeing
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META +2.7%
MSTR +4.9%
NFLX +1.3%
NVDA +1.9%
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NVO -1.6%, paying up to $2bn for exclusive rights for obesity drug UBT251 – as being developed by United Biotechnology (a Chinese company).
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OKLO +5.2%, earnings due in AH
OXY +0.3%
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PFE -0.3%, RFKJr pushing to ban big pharma’ adverts.
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PINS +3.3%, Guggenheim, neutral>buy, 39>40
RCAT +5.0%
RUM +3.5%, earnings due early Tues’
SLB +0.6%
SMR +3.1%
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TLT -0.6%, as yields bounce
TSLA +3.5%
UAL +1.9%
UNG -0.7%, with Natgas $3.91
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VIX -1.9% at 18.92
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X +1.0%
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Overnight markets
Asian and European markets are a little mixed…
Japan: -0.2% to 37608
China: +0.1% to 3370
Germany: currently +0.4% at 22995
UK: currently +0.2% at 8662
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Have a good Monday