Good morning. US equity futures are broadly lower, SPX -50pts, we’re set to open at 5877. USD is +0.3% at DXY 109.87 (printing 110.02). The precious metals are broadly lower, Gold -0.5% (printing $2699), with Silver -1.7% (printing $30.67). WTIC is +1.8% in the low $78s… a daily close >$78.00 would be decisive, and offer the $88s in March.
sp’60min
Summary
Last week ended on a pretty bearish note. S/t momentum settled on the moderately low side.
Overnight futures have been leaning on the weaker side, pressured by other world markets.
Last week’s bearish engulfing weekly candles are set to play out.
I’d look for a marginal lower low in the 5780/70s, before flooring.
Friday is OPEX… ahead of a three day break, and will favour the bulls.
So… initially down… but then UP!
Yours truly is inclined to add to CLF
OXY looks rather good with oil.
INTC… I’m already overloaded in.
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Early movers
AAPL -1.4%
AG -1.4%
AMD -1.8%
AMZN -1.1%
ANF -6.2%, updated positive guidance
AVGO -2.5%
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BAC -0.7%, earnings due early Thurs’
BNTX -3.4%
CLF -1.5%
CLSK -4.9%
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COIN -4.4%
Bitcoin is currently -3.6% at $91071… having tested psy’ $90K, a rather important level to hold.
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CVS +3.4%
FCX -0.1%, with copper +1cent to $4.31
GOLD -1.5%
HUM +5.2%
INTC -1.2%
JPM -0.6%, to kick off Q4 earnings season, early Wed’
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LULU +4.9%
MARA -4.9%
MCY -10.5%, LA fires
MOS +0.7%, $125M asset disposal
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MRNA -19.5%, weak outlook for C19 shots
MU -3.0%
NVAX -3.6%
NVDA -3.4%
OKLO -4.9%
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OXY +1.0%
PINS -3.3%, Morgan Stanley, equalweight, 35>36
PLTR -3.9%
RUM +2.7%
SAGE +36.8%, takeover offer from Biogen (BIIB)
SLB +1.1%
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SMCI -3.7%
SMR -5.4%
TSLA -3.3%, Morgan Stanley, overweight, 400>430
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TSM -3.7%, earnings due early Thurs’
UAL -0.8%
UNG +5.0%, with Natgas $4.16 (printing $4.36 ! )
UNH +3.0%, JPM hosted healthcare conf’
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VIX +11.1% at 21.70
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X +3.9%, Biden regime postpones the enforcement order (blocking the Nippon bid) until June 18th. Bizarre. Regardless, it ain’t happening under Trump either.
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XOM +0.6%
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Overnight markets
Asian and European markets started the week on a broadly weak note…
Japan: CLOSED
China: -0.25% to 3160
South Korea: -1.0% to 2489
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Germany: currently -0.7% at 20065
France: currently -0.8% at 7371
UK: currently -0.4% at 8215
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Have a good Monday