Good morning. US equity futures are moderately higher, SPX +18pts, we’re set to open at 4511. USD is -0.02% in the DXY 92.46s. The precious metals are fractionally higher, Gold +$1, with Silver +0.2%. WTIC is +1.9% in the $69s (printing $69.49).
sp’60min
Summary
Yesterday saw considerable chop, if leaning on the weaker side. S/t momentum ticked lower, settling on the moderately lower side.
Overnight futures have taken a swing upward, helped by other world markets. We’re set to open moderately higher. S/t momentum will be prone to turning positive by late morning.
Soft target is yesterday’s high of 4529, and then last week’s historic high of 4545. The 4600s remain on the menu by end month… all whilst I continue to see the usual suspects calling for a crash.
WTIC: its impressive to see the mid $69s print, as psy’ $70 might yet be challenged before the weekend. It sure would help ‘inspire’ the related energy stocks.
R2k: +0.7% in pre-market, just 90pts (4.0% or so) from breaking up and away, which is clearly viable before end month.
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Early movers
AA +1.6%, bullish commodity train
AAPL +0.5%
AFRM +21.0%, post earnings hyper jump
AG +0.4%
ALB +1.7%, issues updated outlook
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AMC +2.0%, WSB
AMD +0.7%
BABA +2.4%
BAC +0.9%, higher yields are helping
CCL +1.5%
CCJ +1.3% in the $23s, as the door is opening to next key price threshold of the $35s
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COIN +0.5%
Bitcoin is -0.6% in the $46000s. Cyclically low, and due another up wave into mid/late Sept’
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F +0.6%, Wells Fargo warns about chip shortages into 2022, maintains ‘overweight’, cuts 18>17
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FCX +0.7%, with copper +9cents to $4.37. Credit Suisse downgrade neutral>underperform, but p/t 17>29
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GDX +0.2%
GOLD +0.2%
KR +1.1%, Earnings due **
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LULU +0.7%
LVS +1.3%
MRNA +1.7%
MRO +1.8%
MU +0.4%
NFLX +0.4%
NVAX -3.6%
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OXY +2.3%
PFE +0.6%
RIG +2.0%
SLB +1.5%
TSLA +0.5%
TLT -0.5%, as yields rebound
UAL +0.9%
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VIX -7% in the 17s
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WYNN +2.0%
X +1.0%
XOM +1.2%
ZM +0.4%, still trying to find/build a floor
ZS +2.9%, post earnings gains
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Overnight markets
Asian markets were broadly higher, whilst European markets are moderately higher..
Japan: +1.2% at 30381
China: +0.3% at 3703
Germany: currently +0.4% at 15690
UK: currently +0.3% at 7048
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Special note…
I recognise last evening’s speech by Biden has probably sent some of you into nuclear rage mode. I’ll cover that issue in AH. For now… I’ll just say I understand, even though I’m on the other side of the Atlantic.
Regardless… one day at a time. Lets just get through Friday.