Good morning. US equity futures are moderately higher, SPX +14pts, we’re set to open at 4710. USD is +0.05% at DXY 96.11. The precious metals are fractionally weak, Gold -$1, with Silver -0.1%. WTIC is -0.2% in the $72s.
sp’60min
Summary
Yesterday opened in minor chop mode, but the market rather impressively built significant gains into the close. Partly its short covering, but there are buyers out there, as most are resigned to new historic highs… whether next week… or in early January.
Overnight futures have been pretty subdued, but with positive world markets, the US is being pulled upward.
Next resistance is key price threshold of the 4714s, and then declining trend around 4728. I don’t expect new historic highs today… but they sure look probable next week.
Yours truly holds…
OXY, SLB, MRO, RIG, KMI, XOM
BAC, FCX, MOS, CFVI, X, CLF, UEC
GOLD, NEM, AG, HL, KGC
I’ve eyes on picking up F and CRSR, but I’m maxed out, and would need to lighten up in something first.
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Early movers
AAPL +0.3%
AG -0.9%, silver miners cooling back
AMD +0.5%
BA +0.8%
BABA -0.6%
BAC +0.6%, higher yields are helping
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BB -1.8%
BIDU -1.2%, weak Chinese stocks
CCL +1.9%, shippers cruising upward
CLF -0.3%
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COIN +0.3%
Bitcoin is -0.2% in the $48000s. A push to challenge the $53000s is still realistic before year end.
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CROX -3.4%, Crox to buy ‘Heydude’ for $2.5bn
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DIS +0.4%, Hawkeye season finale was very good
F +0.7%
FCX +0.1%, with copper -3cents to $4.36
GDX -0.1%
JD -7.9%, Tencent cuts stake
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LUV +1.0%, airlines flying on reduced Omicron concerns
LVS +3.7%
MGM +1.3%, UOA yesterday
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MRK -0.7%, The Philippines approves Merck’s C19 pill, not that many countries can afford the insane price.
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MRNA -0.9%
MOS +0.7%, pushing for psy’ $40 before year end
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MU +0.7%, yesterday’s reversal candle to play out
NVAX +1.8%
NVDA +1.1%
OXY +0.7%
PFE +0.5%
SLB +0.1%
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TGT +0.3%
TSLA +0.9%
TLT -0.3%, as yields climb
UAL +1.4%
UBER +0.9%
UEC +1.2%
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UNG -3.5%, with Nat ‘gas -18cents to $3.79. Its ironic, as UK/European gas prices are at historic highs, and that is with winter barely begun.
see: https://www.zerohedge.com/commodities/us-sends-fleet-lng-ships-fuel-starved-europe
… and some companies are simply going to shut down if prices remain high…
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VIX -0.4% in the 18s, as a weekly settlement under the key 20 threshold is due, which the equity bulls should be very pleased about.
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WYNN +3.0%
XOM +0.1%
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Overnight markets
Asian and European markets are pushing upward into the Christmas break…
Japan: +0.8% at 28798
China: +0.6% at 3643
Germany: currently +0.7% at 15697
UK: currently +0.2% at 7359
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Have a good Thursday