Good morning. US equity futures are moderately higher, SPX +21pts, we’re set to open at 3957. USD is u/c at DXY 102.00. The precious metals are a little mixed, Gold +$3, with Silver -0.3%. WTIC is +0.5% in the $70s.
sp’60min
Summary
Yesterday saw 4.5hrs of chop… a spike to 4039 on Powell, but then a truly ugly late afternoon… settling very significantly lower. S/t momentum turned negative into the close.
Overnight futures have been leaning on the positive side. However, I’d not be surprised if things change in pre-market, and we open net lower.
Soft target is psy’3900, and then the lower daily bollinger in the 3850s.
Its a Thursday, which will inherently favour the equity bears.
If we do open positive, I’d look for indexes to turn red by late morning/early afternoon… not least after yesterday’s VERY powerful bearish engulfing daily candles.
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Yours truly is heavy short, and looking to exit before the weekend. In the next cycle, I should look to branch out, in addition to another SPY short, I want to pick up 1 or 2 individual financial shorts (KRE and BAC would be my go-to choices).
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Early movers
AAPL +1.2%
AMD +1.9%
AMZN +1.9%
BABA +4.2%
BAC +1.3%
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CHWY -6.0%, earnings (Wed’ AH): EPS 16cents vs -10est. Rev’ y/y +13.5% to $2.71bn vs 2.65est.
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COIN -11.2%, the SEC issuing a ‘Wells Notice’ for securities violations
Bitcoin is +1.0% at $27601
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FCX +1.1%, with copper -1cent to $4.03
GME -2.6%
GOLD +1.2%
KBH +2.9%, post earnings gains
META +1.5%
MSFT +1.5%
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NIO +3.0%
NVDA +2.3%
OXY +0.6%
PYPL +1.2%
REGN +6.5%, ‘smoker’s lung’ drug study data.
SCHW +1.3%
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TLT -0.7%, as yields climb
TSLA +1.8%
UAL +0.9%
UBS -3.6%
UNG -0.1%, with Natgas $2.19
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VIX -3% in the 21s
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WFC +1.1%
WYNN 2.1%
X +1.3%
XOM +0.4%
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Overnight markets
Asian markets were a little mixed, whilst European markets are broadly lower…
Japan: -0.2% to 27419
China: +0.6% to 3286
Germany: currently -0.8% at 15094
UK: currently -1.1% at 7483.
The BoE are set to raise rates by 50bps to 4.50%, and that isn’t going to help the consumer!
*UPDATE*
BoE raise rates by just 25bps to 4.25%.
Its pretty bizarre, not least after yesterday’s inflation data.
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Have a good Thursday