Good morning. US equity futures are broadly lower, SPX -33pts, we’re set to open at 4046. USD is +0.2% at DXY 104.02. The precious metals are leaning weak, Gold -$10, with Silver -0.1%. WTIC is +1.0% in the $77s.
sp’60min
Summary
Last week ended on a weak note. S/t momentum settled on the moderately lower side.
Overnight futures have been leaning increasingly weak, we’re set to open -30pts or so… around last Friday’s low. Its entirely possible we just slide to around 4K, before better opportunity of a bounce.
Yours truly has no interest in chasing lower, and will instead wait for another bounce to re-short. I will be especially focused on the weekly Elder candle charts. Things turn interesting if we start seeing some red candles… whether this week or next, it makes little difference.
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News: Putin has been speaking… but more on that later.
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Early movers
AAPL -1.3%
ALB +1.0%, Piper Sandler 310>330
AMD -1.5%
AMZN -1.5%
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ANF +2.5%, Citi, 30>33
ARKK -2.0%
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BABA -3.2%
BYND -1.9%, Cowen 15>17. Earnings due Thurs’ AH
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CGC -6.8%, offering $150M of convert’ debentures
CHPT -1.8%
CLF -0.9%
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COIN -1.3%, earnings due in AH
Bitcoin is -0.8% at $24648
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CS -5.3% at $2.86. Q. Are you hearing the alarm bells?
DB -3.2%
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DKNG -1.5%
FCX +0.6%, with copper +7cents to $4.18
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FLR -4.1%, EPS 43cents vs 51est. Rev’ y/y +2.4% to $3.7bn vs 4.0eset. Guidance inline.
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GOOGL -1.0%
GOLD -0.4%
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HD -4.0%, EPS $3.30 vs 3.29est. Rev’ y/y +0.3% to $35.8bn vs 36.0est. COMPS -0.3%
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HSBC +4.0%, post earnings gains
JD -8.2%
LAC +2.3%
LOW -3.0%, in sympathy with HD
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MDT +2.5%, EPS $1.30 vs 1.27est. Rev’ y/y -0.8% to $7.7bn vs 7.5est. Guidance positive.
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META +1.6%, chatter of ‘Meta Verified’
MOS -2.5%
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MRNA -1.3%, the UK’s MHRA authorised a second bivalent C19 booster shot. Background chatter isn’t pretty though.
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MSFT -1.1%
MU -1.3%
NVDA -1.3%
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OXY +0.3%
PYPL -1.3%
RIG -1.7%, earnings due in AH
SQ -1.5%
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TECK +6.3%, to separate into two listed businesses, Teck Metals and Elk Resources (coal)
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TGT -2.2%, in sympathy with HD and WMT
TLT -1.1%, as yields climb.
TSLA -1.3%
UAL -0.9%
UNG -1.9%, with Natgas $2.19
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VIX +11% in the 22s, the gain is arguably 40% technical, due to the new week
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WMT -3.8%, EPS $1.71 adj’ vs 1.51est. Rev’ y/y +7.3% to $164bn vs 158.8est. COMPS (ex fuel) +8.3%. Headline earnings… fine, but the outlook is weak.
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XOM +0.2%
ZM -1.5%
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Overnight markets
Asian markets were a little mixed, whilst European markets are leaning a little weak…
Japan: -0.2% to 27473
China: +0.5% to 3306
Germany: currently -0.4% at 15421
UK: currently -0.2% at 8000
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Have a good Tuesday