COMMODITIES: Crude Rises, Copper Extends Gains Amid Supply Concerns
Dec-03 19:48
- WTI crude prices have risen today after limited signs of a breakthrough in Ukraine peace plan discussions, while Caspian Pipeline Consortium disruption continues to be monitored.
- Weekly EIA data showed a modest rise in crude stocks while product builds were more substantial.
- WTI Jan 26 is up by 0.4% at $58.9/bbl.
- US Secretary of State Rubio said that talks are currently at the point of trying to work out what Ukraine can accept and to bridge the divide between it and Russia.
- For WTI futures, moving average studies are in a bear-mode position, highlighting a dominant downtrend. Key support and the bear trigger remains at $55.99, the Oct 20 low, while key short-term resistance is $61.84, the Oct 24 high.
- Meanwhile, spot gold has unwound earlier gains, which saw it trade as high as $4,241.5/oz, with price currently broadly unchanged at $4,209/oz.
- 20- and 50-day exponential moving averages continue to provide the notable supports, intersecting at $4,133 and $4,017 respectively.
- On the upside, sights are on key resistance and the bull trigger at $4,381.5, the Oct 20 high.
- Elsewhere, copper has outperformed on Wednesday, amid concerns of a US tariff-related squeeze on global supplies. Price is up by 2.9% at $539/lb, taking total gains since the Nov 21 lows to around 8%.
- Next resistance is at $550, the Jul 9 and 28 lows, a clearance of which would open $588.70, the Jul 30 high.
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US STOCKS: Late Equities Roundup: Tech Heavy Nasdaq Still Outperforms
Nov-03 19:35
- Stocks remain mixed late Monday, inside session ranges while the tech-heavy Nasdaq still outperforms. Currently, the DJIA trades down 243.74 points (-0.51%) at 47327.76, S&P E-Minis down 2.75 points (-0.04%) at 6873 Nasdaq up 98.6 points (0.4%) at 23829.47.
- Consumer Discretionary and Information Technology sector shares continued to lead advances in the second half, Amazon.com +4.58%, Tesla +2.07% and Wynn Resorts +4.82% led the former, while IT supported by: Western Digital +5.75%, Micron Technology +5.28%, Seagate Technology +4.55%, Palantir Technologies +3.28% and NVIDIA +3.22%.
- Conversely, a mix of Consumer Staples, Materials and Financials sector shares led declines in late trade:
- Kimberly-Clark -14.25%, Hershey Co -4.26%, Estee Lauder -2.66%, Colgate-Palmolive -2.19% and Kraft Heinz -2.16%.
- International Paper -4.58%, PPG Industries -2.58%, Albemarle -2.52%, Dow -2.45% and Eastman Chemical -2.15%
- Coinbase Global -4.07%, Arthur J Gallagher -2.25%, Fiserv -2.16%, Brown & Brown -2.06% and Erie Indemnity -1.99%
- Earnings expected after the close include: Qorvo Inc, Clorox, Navitas Semiconductor, Hims & Hers Health Inc, Palantir Technologies, Solaris Energy Infrastructer, Williams Cos, Vertex Pharmaceuticals and Comstock Resources.
USDJPY TECHS: Trend Needle Points North
Nov-03 19:30
- RES 4: 155.89 High Feb 3
- RES 3: 155.53 2.00% retracement of the Jan 10 - Apr 22 bear leg
- RES 2: 154.80 High Feb 12
- RES 1: 154.45 High Oct 30
- PRICE: 154.15 @ 16:27 GMT Nov 3
- SUP 1: 153.27 High Oct 10
- SUP 2: 151.83 20-day EMA
- SUP 3: 150.12 50-day EMA
- SUP 4: 149.05 Low Oct 6 and a gap high on the daily chart
Bullish conditions in USDJPY remain intact and the pair is holding on to last week’s gains. The break higher confirms a resumption of the uptrend and note too that moving average studies are in a bull-mode position, highlighting a dominant uptrend.Sights are on 154.80, the Feb 12 high. First important support to watch lies at 151.83, the 20-day EMA. A pullback would be considered corrective.
OPTIONS: Active Session In Sonia Includes Bull Flattener
Nov-03 19:04
Monday's Europe rates/bond options flow included:
- 0RH6 97.87/97.75/97.68/97.56p condor, bought for 2.5 in 4k
- SFIX5 96.20/96.15ps, sold at 1.25 in 3k
- SFIZ5 96.35/96.45cs, bought for 1.25 in 2k
- SFIZ5 96.35/96.50cs vs 0NZ5 96.70/96.90cs, bought the mid for 4.25 in 10k
- SFIH6 96.60c vs SFIM6 96.70c, bough the June for 5 in 4k
- +5k 0NZ5 96.70/96.90 cs vs -5k SFIZ5 96.35/96.50 cs, pays 3.75 to Buy the 0NZ5 cs (bull flattener)
