Good morning. US equity futures are fractionally lower, SPX -5pts, we’re set to open at 6910. USD is -0.5% at DXY 96.94. The precious metals are powering upward, Gold +2.2% (printing $5110), with Silver +7.0% (printing $110). WTIC is -0.1% in the low $61s.
sp’60min
Summary
Last week ended with rather mixed indexes. The SPX settled effectively flat, with s/t momentum settling marginally positive.
Overnight futures have been subdued, we’re set to open fractionally lower. Whilst the s/t cyclical setup favours the bears, price structure is a bullish pennant, and I lean net bullish into end month.
7K is within range… so long as the market can deal with a do-nothing Fed this Wednesday.
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Early movers
AAPL +0.8%
AEM +3.7%
AG +7.7%
AMD -0.6%
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B +3.6%
BABA -2.0%, Nomura, buy, 193>237
CCJ +3.2%
CLF +0.7%
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COIN -1.9%
Bitcoin is +1.4% at $87K
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CSCO +1.5%, Evercore, inline>outperform, 80>100
DRD +2.7%
FCX +4.0%, with copper +3cents to $5.97
GFI +4.9%
HL +6.6%
HMY +3.7%
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IONQ +2.0%, buying Skywater (SKYT) for $1.8bn
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INTC -1.3%
NEM +4.4%
NFLX +1.0%
NVDA -0.6%
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NVO +1.9%
OXY +1.4%
PAAS +6.8%
RKLB -1.6%
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SKYT +7.9%, Skywater being bought by IonQ (IONQ) for $1.8bn
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SLB +1.3%, a wheelbarrow of upgrades
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STLD +1.9%, EPS $1.82 vs 1.95est. Rev’ y/y +14.0% to $4.41bn vs 4.57est
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TSLA -0.6%
UAL -1.0%
UNG +6.4%, with Natgas $3.81
UNH -0.5%
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VIX +3.8% at 16.71
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XOM +1.3%
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Overnight markets
Japan had a rough start to the week, whilst other markets are a little lower…
Japan: -1.8% to 52885
China: -0.1% to 4132
Germany: currently -0.2% at 24843
UK: currently +0.1% at 10149
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Have a good Monday