Good morning. US equity futures are moderately higher, SPX +24pts, we’re set to open at 4091. USD is -0.7% at DXY 108.25. The precious metals are broadly higher, Gold +$10, with Silver +2.5%. WTIC is +1.1% in the $87s.
sp’60min
Summary
Last week ended on a very positive note, with the SPX printing 4076, and settling at 4067. S/t momentum cooled, if still settling on the high side.
Overnight futures have been a little choppy, if leaning on the positive side, helped by European markets. We’re set to open in the 4080/90s.
I would especially note the 50% fib’ retrace of 4106, and the hourly 200MA of 4121.
As someone who wants to short something, my only concern is daily momentum which will be prone to turning positive at the Tuesday open… with the CPI data.
The very cautious will wait… or rather hope for a ‘turnaround Tuesday’, from somewhere around 4100. The bold will arguably be starting to scale into shorts, with a basic target of around 3700, as looks realistic within 2-3 weeks.
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Early movers
AA +2.0%
AAPL +1.2%
ADBE -1.0%, Mizuho, buy>neutral, 480>440, earnings due Thurs’ AH
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AG +3.6%
AMGN -3.5%, study results.
AMZN +0.7%
BBBY -0.5%
BMY +6.9%, study results
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CCL +1.5%
CFVI +2.0%, vote due Thurs’
CHPT +1.2%
CLF +1.3%, Citi, 17.50>20.00
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COIN +3.0%
Bitcoin is +2% in the $22000s
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DWAC -1.6%
F +0.7%
FCX +1.5%, with copper +2cents to $3.58
GOLD +1.6%
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INTC +0.6%
NEM +2.3%
NIO +3.3%
ORCL +0.9%, earnings due in AH
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OXY +1.7%, Piper Sandler, 93>92
RBLX -2.4%, Cowen ‘underperform’, $31
SLB +0.6%
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TLT +0.4%, as yields cool ahead of CPI
TSLA +0.6%
TWTR -1.0%, Twitter arguing with Elon
UAL +0.4%
UNG +0.5%, with Natgas $8.07
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VIX +2% in the 23s
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X +1.6%
XOM +0.6%
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Overnight markets
A fair few Asian markets didn’t even open, whilst European markets are significantly higher…
Japan: +1.2% at 28542
China: CLOSED
South Korea: CLOSED
Hong Kong: CLOSED
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Germany: currently +1.4% at 13282
UK: currently +1.2% at 7441
https://www.bbc.co.uk/news/business-62874496
The UK economy is flat-lining, as even the BoE expect a recession to last Q4… all the way into end 2023.
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Have a good Monday