Good morning. US equity futures are leaning upward, SPX +11pts, we’re set to open at 4807. USD is +0.2% at DXY 96.40. The precious metals are still leaning weak, Gold -$2, with Silver -0.7%. WTIC is +0.3% in the $76s.
sp’60min
Summary
Yesterday saw considerable chop, if leaning on the positive side. S/t momentum ticked upward across the day, settling fractionally negative.
Overnight futures have been leaning on the positive side, especially helped by European markets. S/t momentum is due to turn positive at the open.
Its not going to take much to break a new hist’ high… as yesterday’s bullish engulfing daily candle is set to play out. However, I’m still inclined to see some cooling to 4700, but that will be difficult if we break and hold >4808 this morning.
Yours truly is inclined to fully exit OXY and SLB in early morning, as both are s/t over-stretched. Even if I exit both… I’ll still fully hold KMI and RIG.
My buy back targets… FCX, BAC, X, CLF, MOS, MRO, XOM… but only with a main market cooling wave.
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Early movers
AAPL +0.5%
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AMD +0.8%… a big morning ahead, with CEO Su due at CES 2022. The event will be streamed…
Intel should be rather concerned.
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BA +0.9%
BAC +0.7%
CCL +1.6%
CSCO -0.7%
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COIN +0.6%
Bitcoin is +0.3% in the $46000s. Things turn interesting >53k.
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DIS +0.5%
F +1.5%, increasing F150 production
FCX -0.4%, with copper -3cents to $4.38
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FL -4.2%, JPM report on difficulties ‘exiting the pandemic’
FSLR +2.7%, Raymond James upgrade
GDX +0.2%
HAL +2.5%, m/t bullish energy
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LAC +2.0%, bullish lithium
MRNA -2.0%
NVDA +0.8%
OXY +0.9%
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PFE -0.4%
Dr Reddy’s of India, to launch a generic version of Pfizer and Merck’s C19 pill. The generic will cost around $18 for a 5 day course… which is somewhat cheaper than >700 and >500 respectively.
Bullish capitalism, and I imagine Pfizer and Merck will be furious at the competition from the Indians!
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PINS -1.9%
PTON +0.3%
SE -6.9%, Tencent reduces stake.
SLB +0.7%
T +0.5%
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TSLA +0.6%
TWTR +0.3%
UAA +2.7%
UAL +1.0%
UEC +3.8%, hot Uranium
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VIX +1% in the 16s
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X +0.1%… still struggling
XOM +0.4%
ZM -0.7%
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Overnight markets
Asian markets were rather mixed, whilst European markets are broadly higher…
Japan: +1.8% at 29301
China: -0.2% at 3632
Germany: currently +0.8% at 16146
UK: currently +1.4% ta 7485
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Have a good Tuesday