Good morning. US equity futures are broadly flat (ahead of the CPI data), SPX u/c, we’re set to open at 4219. USD is +0.03% in the DXY 90.12. The precious metals are broadly lower, Gold -$11, with Silver -0.4%. WTIC is +0.5% in the $70s.
sp’60min
Summary
Yesterday saw considerable chop, leaning a little weak into the close. S/t momentum weakened, settling marginally negative.
Overnight futures have been very subdued, as the market remains in a holding pattern ahead of the CPI data – due 8.30am.
Anything for CPI (core y/y) >3.5% would be considered ‘hot’, and would likely spook the market. Anything <3.5% would be inline, or a ‘better than expected’.
Daily equity momentum will be prone to turning negative today. Weekly momentum is already negative.
The fact its a Thursday – which inherently favours the bears, does make the setup for today… pretty exciting.
Yours truly is >70% cash, and wants to buy/add from around sp’4000. If instead… the market runs to the upside, I can live with that.
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Early movers
AAPL -0.4%
AG -0.5%
AMC -1.7%
BA +1.0%, United Airlines might buy 100 737MAX
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BAC +0.4%
BYND -1.1%
CCJ +1.2%, nearing resistance of the $22s
CLF +3.8%, The lunatics of Wallstreetbets are pushing this one.
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COIN +1.4%, higher crypto
Bitcoin is +1% in the 37000s. Whilst s/t price action is increasingly a mess, it sure ain’t bullish.
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FCX -0.2%, with copper -6cents to $4.47
GDX -0.6%
GOLD -0.5%
GME -6.4%, post earnings depression. SEC probe.
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MSFT -0.3%
NVDA -0.6%
OXY +0.7%
PLTR -1.2%
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RIDE -3.8%, news yesterday that the company might not even survive as a ‘going concern’, as it needs more funding to develop a vehicle. It’d seem Hindenburg Research will turn out to be right.
SLB +1.2%
TSLA +0.3%
TLRY -1.5%
TWTR -0.4%
UAL +0.4%
UPS +1.4%, JPM neutral>overweight, $243s
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VIX +0.5% in the 17s
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X +0.7%
XOM +0.3%
ZM +1.2%, but a m/t chop fest
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Overnight markets
Asian and European markets are all leaning a little higher…
Japan: +0.3% at 28958
China: +0.5% at 3610
Germany: currently +0.02% at 15583
UK: currently +0.3% at 7099
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Have a good Thursday