First Call May 18, 2021
May 18, 2021
- S&P futures up 0.2% and Nasdaq futures are up 0.5% although off overnight highs in Tuesday morning trading after US equities finished mostly lower, but off worst levels, on Monday.
- Tech and media names were among the laggards.
- Commodity equities outperformed while financials also gained.
- Everything up this morning except the USD. Bloomberg USD Index with new DeMark Sequential buy signal - see my notes on when to buy it.
- Retail earnings look good as expected with WMT up 3.5% (hold long)
- Treasuries little changed to slightly weaker at the back end.
- Dollar weaker on the major crosses.
- Gold little changed after gaining more than 1.5% yesterday.
- WTI crude up 0.5% following a nearly 1.5% gain on Monday.