Good morning. US equity futures are fractionally higher, SPX +3pts, we’re set to open at 4140. USD is +0.02% at DXY 109.01. The precious metals are fractionally mixed, Gold +$2, with Silver -0.1%. WTIC is +1.2% in the $92s.
sp’60min
Summary
Yesterday opened weak, with the market falling across the day. S/t momentum slowly recovered into the late afternoon, if still settling on the very low side.
Overnight futures have been subdued, if leaning a little higher. We’re set to open fractionally higher. Certainly, the s/t cyclical setup favours the bulls. Minimum upside target is teal gap.
My concern remains Powell – due this Friday morning. Next week will likely be something of a mess, with end month/quarter issues, but it will also be the lead into the Labor day holiday.
Yours truly remains 100% cash. I’m simply looking for a more ideal time/price to short from. Equity bears should have a clear road from Sept’6th onward, all the way into the midterms.
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Early movers
AA +1.5%
AMC +2.2%, Apes!
AMZN +0.4%
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BBBY +3.3%, Wallstreetbets.
CCL +1.1%
CHPT +2.0%, JPM 18>20
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COIN +1.1%
Bitcoin is -0.1% in the $21000s
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CTRA +1.3%, higher Natgas
DKS +4.0%, post earnings gains
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DVN +1.5%, WTIC $92s
EQT +1.8%, NG
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FCX +0.9%, with copper +1cent to $3.66
GOLD +0.7%
JD +4.3%, post earnings gains
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M +2.6%, EPS $1.00 vs 0.88est. Rev’ y/y -0.8% to $5.6bn vs 5.5est. COMPS -1.5%. Digital sales y/y -5.0%. Gross margins 40.6%>38.9%. Guidance a little weak.
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OXY +1.3%
PANW +9.2%, post earnings jump
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PFE +0.2%, Pfizer touting C19 shots 73.2% ‘effective’ in the 6mth>4yr cohort.
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RIG +1.7%
SLB +1.3%
TLT +0.3%, higher bonds as yields cool back
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TWTR -3.3%, ex security chief claimed Twitter covered up ‘egregious deficiencies’.
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UNG +0.6%, with Nat’ gas printing a new multi-decade high of $10.01. The door has formally opened to challenge the 2005 $15s.
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VIX -0.4% in the 23s
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WBD +1.6%, Citi maintain ‘buy’, 29>21
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XOM +0.9%
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ZM -11.1%, post earnings upset, although the company is still set to generate annual EPS of around $3.50/4.00. Its not a complete basketcase like PTON
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Overnight markets
Asian markets were broadly mixed, whilst European markets are a little mixed…
Japan: -1.2% to 28452
China: -0.05% to 3276
Germany: currently +0.1% at 13242
UK: currently -0.3% at 7509
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Have a good Tuesday