Good morning. US equity futures are leaning upward, SPX +8pts, we’re set to open at 4145. USD is +0.1% at DXY 106.51. The precious metals are leaning weak, Gold -$3, with Silver -0.2%. WTIC is +1.5% in the $84s.
sp’60min
Summary
Yesterday saw the market break another new cycle low. The closing hour price action was reflective of increasing instability, as all bounces are being sold into.
Overnight futures have been mixed, if currently set to open a little higher.
Equity bears should be seeking to take out the Thursday low of 4127. A weekly close <4100 would be especially useful, and threaten 4K next Mon/Tuesday. Further, I’d look for a VIX settlement >20, anything >23 would merit alarm bells.
Yours truly is heavy short. My intention is to hold across the weekend, on the central premise we’ll (at least) hit 4k by late Tuesday.
Something I noticed last evening…
The computer has lowered its PF target from SPX 3851 to 3751. Again, I’d settle for 4000, but anything in the 3800/3700s would be a dream.
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Early movers
ABBV +1.4%, EPS **
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AMZN +6.5%, post earning jump
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AN +2.9%, EPS **
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BABA +2.0%
CCL +1.1%
CMG +3.9%, post earnings jump
COF +5.2%, post earnings jump
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CVX -2.1%, EPS $3.05 vs 3.70est. Rev’ y/y -18.9% to $54.1bn inline.
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DXCM +17.3%, post earnings jump
ENPH -19.3%, post earnings horror
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F -3.3%, post earnings depression
FCX +1.2%, with copper +3cents to $3.61
HES -2.2%… in sympathy with Chevron
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INTC +7.0%, post earnings jump
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JPM -0.9%, Dimon plans to sell 1M shares
LUV -1.7%
META +0.9%
MSFT +0.9%
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NIO +2.0%
NVDA +1.3%
NWL -12.4%, post earnings horror
OXY +0.8%
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PSX -0.9%, EPS $4.63 vs 4.82est. Rev’ **
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RIVN +2.4%
SKX +4.0%, post earnings jump
SLB +1.1%
SNOW +2.3%, helped by Amazon ‘cloud’ issues
SOFI +2.0%
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SWK +3.6%, EPS $1.05 vs 0.83est. Rev’ y/y -4.0% to $3.95bn vs 3.99est. Positive guidance
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TLT -0.4%
TROW +6.7%, post earnings jump
TSLA +1.6%
UAL +0.5%
UNG +2.0%, with Natgas $3.58
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VIX -1% in the 20s
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X +1.3%, post earnings gains
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XOM +0.2%, EPS $2.27 vs 2.37est. Rev’ y/y -19.0% to $90.8bn vs 93.4est. Divi’ 91>95cents
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Overnight markets
Asian markets were significantly higher, whilst European markets are just a little higher…
Japan: +1.3% to 30991
China: +1.0% to 3017
Germany: currently +0.2% at 14761
UK: currently +0.2% at 7367
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Have a good Friday