IRAN: Trump Is Frustrated, May Decide On "Decisive Action": Channel 12's Ravid
May-22 19:12
A bit of a risk off move seemingly triggered by the following from Barak Ravid on Israel's Channel 1...
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US TSY OPTIONS: Large May'26 10Y Put Spread Sale
Apr-22 18:57
- -25,200 TYK6 111/111.25 put spds, 5 ref 111-08.5 to -08, May options expire Friday
US STOCKS: Late Equities Roundup: IT & Energy Drive Midweek Rally
Apr-22 18:46
- US equity indexes hover near midday highs late Wednesday, strong earnings helped early sentiment (Boeing +4.65% after beating estimates and providing strong guidance) as well as a cooling in geopolitical risk after Pres Trump extended a ceasefire period with Iran late Tuesday for another 3-5 days (crude still gaining, however, amid fading hopes over a swift Hormuz Strait reopening).
- The tech-heavy Nasdaq outperformed ahead midday, gaining 1.4%, the DJIA +0.48%, SPX emini +0.80%.
- Information Technology sector outperformed the Energy sector for once: Micron +8.05% (urged lawmakers to curb chip tool sales, putting a limit on Chinese rivals), while Sandisk +7.61% and AMD +5.6% on renewed AI demand. Elsewhere, the following gained 3.25-4.35%: Palantir Technologies, Teledyne Technologies, Oracle, Sandisk Corp and Broadcom.
- The Energy sector was buoyed by: SLB Ltd, Halliburton, Baker Hughes and EQT Corp, all gaining from 2.65-3.8%.
- Industrials and Financials sector underperformed, TEL -10.5% despite beating earnings expectations, analysts wary of maintaining future sales. Financials weighed by insurers: American International Group, Prudential Financial and Aon -3%.
- Expected earnings releases after the close include: Tesla, Hexcel, Rollins, Lam Research, Molina Healthcare, CSX Corp, Southwest Airlines, Las Vegas Sands, IBM, United Rentals, Crown Castle, Kinder Morgan and Texas Instruments.
COMMODITIES: Crude Extends Gains Amid Ongoing Tensions, Precious Metals Rise
Apr-22 18:39
- Crude has found further support today, driven by ongoing tensions in the Middle East. Planned US-Iran talks in Islamabad appear to have been put on hold, while Iranian attacks on shipping in the Persian Gulf and an ongoing US blockade prevent flows through the Strait of Hormuz.
- WTI June 26 is up by 3.6% at $92.9/bbl.
- Trump has bought the US/Iran situation an indefinite extension with his latest ceasefire efforts, the first without a clear timeline.
- Iranian President Masoud Pezeshikian posted on X stating he welcomes dialogue and agreement. However, a senior Iranian official said the country rejects negotiations conducted under pressure.
- For WTI futures, key resistance and the bull trigger is at $101.17, the Apr 7 high. Clearance of this hurdle would confirm a resumption of the uptrend.
- On the downside, initial support is at the 20-day EMA at $89.78. Below here, key support is at the 50-day EMA, at $83.75, a clear break of which is required to highlight a stronger short-term reversal.
- Meanwhile, precious metals have edged higher today, with spot gold up by 0.4% at $4,737/oz and silver rising by 1.4% to $77.8/oz.
- For gold, recent gains appear to be a correction, although a short-term bull cycle is intact for now. A clear break of the 50-day EMA, at $4,781, would signal scope for an extension towards $4,914.9, a Fibonacci retracement point.
- On the downside, initial firm support lies at $4,554.2, the Apr 2 low. A break of this level would be bearish.
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May-22 16:54
