US equities open on a positive note, with the SPX pushing against resistance of the 5040/50s. VIX has been ground into orange gap. WTIC $81.50s. Gold $2330. Silver $27.12. Copper $4.41
sp’60min
VIX’60min
Summary
The setup is a real mix… we’re s/t overbought, but the daily cycles offer upside to around 5200, which would likely sync with VIX 13s.
The more cautious equity bears will sit back and wait. The bulls will arguably continue to quietly exit into strength, on concern of 4700 in May.
–
notable stock: TSLA
Tesla has earnings in AH. Whilst headline EPS/Rev’ should be okay, the concern should be the outlook. From a pure cyclical perspective, the s/t setup leans to the bulls. More broadly though, its arguable that psy’ $100 might sync with SPX 4700.
–
notable defense: LMT
Earnings were good: EPS $6.33 vs 5.86est. Rev’ y/y +13.7% to $17.2bn vs 16.0est. With planet Krazy in the early phase of WWIII, the military industrial complex should greatly expand into the 2030s.
—
notable steel: CLF
Earnings were… mixed. EPS 18cents vs 22est. Rev’ y/y -1.8% to $5.2bn vs 5.3est. $1.5bn buyback… which is a truly stupid use of precious cash.
—
notable miner: FCX
Earnings very good… EPS 32cents vs 27est. Rev’ y/y +17.3% to $6.3bn vs 5.7est. If Copper can break/hold >$5.00, Freeport should be 70/75.