US equities open a little weak… but its more chop than anything. The market will remain inclined to favour the bulls into Wednesday’s FOMC announcement. WTIC $77s. Gold $2067 (if mostly highly due to futures being rolled)
sp’60min
VIX’60min
Summary
There remains no downside power, with the SPX already turning positive.
*Yours truly has bailed on AEM… in 49.11… out 50.12. I can’t really complain, and I’ll look to add to SLB, but I’ll have to wait for the funds to settle.
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notable stock: UPS
Headline earnings were mixed… EPS $2.47 vs 2.46est. Rev’ y/y -7.8% to $24.9bn vs 25.4est. Weak guidance. Divi’ increase to $1.63. Sister FDX is lower in sympathy.
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notable car: GM
Earnings were broadly fine… EPS $1.24 vs 1.16est. Rev’ y/y -0.3% to $43.0bn vs 38.8est. Positive guidance and its helping TSLA, F
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notable energy: SLB
Oil/gas drillers lower on Aramco saying it has no intention to expand operations/capacity. The reaction onto SLB is pretty stupid.
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notable miner: AEM
The micro cycles are very overbought, and I’m out.
If it just keeps going up… well, I’ve still a quartet of gold/silver miners.