US equity indexes open rather mixed, with the SPX and Nasdaq a touch weak, whilst the Dow, Trans, and R2K are broadly higher. VIX is holding above the key 20 threshold, if largely due to OPEX having occurred. WTIC $70.54. Gold $2702… just $5 from a new hist’ high. Silver $32.39… things would turn interesting with a daily close >$32.75.
sp’60min
VIX’60min
Summary
The s/t cyclical setup should favour the bulls into 11am.
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notable stock: UAL
New multi-year high, approaching big resistance of psy’$70. Earnings were good… EPS $3.33 vs 3.13est. Rev’ $14.84bn vs 14.78est. A $1.5bn buyback is also helping.
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notable trans: JBHT
Earnings were mixed: EPS $1.49 vs 1.47est. Rev’ y/y -3.0% to $3.07bn vs 3.02est. The annual drop in rev’ should be a concern.
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notable fin: MS
New hist’ high. Earnings were very good: EPS $1.88 vs 1.58est. Rev’ y/y +15.9% to $15.4bn vs 14.4est.
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notable miner: LAC
Partnership with General Motors to develop the Thacker Pass mine. GM will ‘contribute $625M in cash’. To be clear, as things are, Lithium Americas will still not be mining any Lithium until early 2027.