A live recap of what happened while we slept overnight and what lies ahead. We go through charts on the S&P 500, WTO Oil and Natural gas. A little chop and rebalance of recent moves overnight with ES and oil back over resting vol wise. Moves from Asian markets mostly higher. A new era in Germany as Olaf Scholz takes over from Angela Merkel after 16 years. A look at the data, technical levels and geopolitical and macro moves and potential surprises.
- Enjoy live commentary from Our Trading Room at youtube as the day wraps up – feel free to like and share
Yesterday power move in Oil and the US stock markets where their highs today, the S&P 500 was up 4.2%, Nasdaq Composite was up 5.3% from their lows late last week. Ahead US JOLTS, 10 yr Notes auction and DoE Crude oil inventories.
Yesterday’s Recap: How Quickly Markets Forget, S&P 500 In Striking Distance Of All Time Highs
- WTI futures continue to rise up .46 over $72
- Natural gas +.13 as market try’s to rebalance down here and milder weather modelling remains
- AAPL pulling back from after market ATH at 173.48 to 171.85 still up 30 cents overnight
- Pfizer reported that they are seeing neutralization of omicron from three vaccine doses, and two doses still offer significant protection. Vaccine stocks lifted on the news as did the stock futures
- The US House passed a procedural bill to start process for increasing the debt ceiling. Both sides have agreed to allow the bill to pass with 51 votes in the Senate after a series of procedural steps. Senator Joe Manchin (D-WV) did not make a commitment to vote for the Build Back Better Act due to concerns about inflation and how long programs will last.
- LUV raised Q4 revenue guidance due to strong leisure business
- SFIX and S down after sharply on earnings
- TOL and PD higher after earnings
- Spot gold up $1.50 or 0.09% at $1785.50
- Spot silver down five cents or -0.23% at $22.41
- Bitcoin back below $50,000 at $49,090.
- Shorter-dated US Treasury securities pressure with 2 year yield up 0.5 basis points with other yields down a touch with the 10 year yield down -1.0 basis points ahead of today’s auction.
- In forex AUD is the strongest again and the GBP weakest as NY wakes up. The GBP slumped on concerns of another shut down due to omicron. The USD is mixed to lower as the commodity currencies (risk on) attract the majority of the flows again.
- Japan’s Nikkei: +1.4%
- Hong Kong’s Hang Seng: +0.1%
- China’s Shanghai Composite: +1.2%
- India’s Sensex: +1.8%
- South Korea’s Kospi: +0.3%
- Australia’s ASX All Ordinaries: +1.3%
- STOXX Europe 600: -0.1%
- Germany’s DAX: -0.5%
- U.K.’s FTSE 100: +0.3%
- France’s CAC 40: -0.2%
- Italy’s FTSE MIB: -0.7%
- Spain’s IBEX 35: -0.4%
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