Good morning. US equity futures are broadly higher, SPX +35pts, we’re set to open at 4494. USD is -0.3% at DXY 100.07. The precious metals are broadly lower, Gold -$16, with Silver -2.4%. WTIC is +0.6% in the $102s.
sp’60min
Summary
Yesterday saw considerable chop, which was somewhat impressive considering the Netflix shock. S/t momentum weakened across the day, settling on the marginally positive side.
Overnight futures have been increasingly positive – especially helped via TSLA, UAL, and AAL, we’re set to open broadly higher.
Bulls can argue s/t price structure of a bull flag is set to play out, with a break above yesterday’s high of 4488.
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Early movers
AA -5.7%, post earnings depression
AAL +10.6%, post earnings jump
AAPL +1.0%
AG -1.5%, lower silver
ALB +0.9%
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BA +1.6%
BAC +0.8%
BX +4.1%, post earnings jump
CCL +4.0%
CLF -1.0%
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COIN +2.2%
Bitcoin is +2.4% in the $42000s
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CSX +2.0%, post earnings gains
DAL +3.3%, helped via UAL
DIS +1.0%
DVN +1.0%
FB +0.7%, bouncing after a rough Wednesday
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FCX -0.4%, Earnings **. with copper +2cents to $4.67
GDX -1.5%
GOLD -1.2%, Barclays 26>28
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KEY -5.3%, post earnings depression
KMI +1.0%, post earnings gains
LAC +1.6%
MSFT +0.8%, reflective of the main market
NEM -1.6%
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NFLX -2.7%… not even a dead cat bounce
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OXY +0.8%
PYPL +1.2%, but still m/t horror
RIG +1.1%
RIO -3.7%
RIVN +2.7%, but still m/t horror
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SLB +1.3%, earnings due early Friday
SQ +1.8%, but still m/t horror
TLRY +2.6%
TLT -0.8%, as yields resume upward
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TSLA +7.3%… post earnings jump. Those who want Elon to buy Twitter should be pleased, as Elon needs a higher Tesla stock price to have enough capital to fund the purchase!
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TWTR -2.0%
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UAL +8.7% in the $50s, post earnings ascent, which is a break above m/t descending trend.
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UEC +1.1%
UNG +0.7%, with Nat’ gas printing $6.88
VALE -1.2%, lower copper
VIX -2% in the 19s
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WBD -1.6%, streamers still struggling
X -0.5%
XOM +1.0%, RBC 90>100. Indeed, psy’100 looks realistic within 2-3mths.
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ZM +1.2%, but still m/t horror
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A note on the USD
The April candle is subtly spiky. Cyclically… we’re on the high side, and there is threat we’re in the early stage of maxing out.
If I’m right… and the Fed back off raising rates (I still expect TWO more) this summer, then the dollar could be expected to stall. Its something to watch.
Further, any cooling in the dollar would be inherently bullish for just about everything, and that should include gold/silver, oil/Nat’gas.
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The US 10yr
2.85%… as psy’3.00% might even be printed before end month. The giant issue – much like the dollar, is whether we’re set to max out. Again… almost everyone expects the fed to raise rates across the year. If I’m right… I’d look for the 10yr yield to stall <3.25%.
Have a good Thursday