ITRX
INTERRA RESOURCES CORP
stockOTC

ANALYSIS: * We are trading at or near the 50SMA on both QQQ and SPX. * We see that with the technicals here: * Here is SPX: * [https://imgur.com/a/byLBGna](https://imgur.com/a/byLBGna) * Here is Nasdaq: * [https://imgur.com/a/EwT4qXb](https://imgur.com/a/EwT4qXb) * We saw Nasdaq actually reversed off of the 50 day Moving average. * Now, these technical are something we want to watch, but aren’t everything. I read a number of people talking about them on CNBC and even on twitter. Are they important? Kind of. Does it mean we head lower? Not necessarily. * Why are they kind of important? For the simple fact that other people watch them. Hedge funds are actually not as sophisticated with their technical analysis as you might think, and often they watch the 50 day moving average. Above it, is bullish, below it is bearish in their mind. * As such, we can see them try to remove positioning if 50D SMA doesn’t break in first few days of this week. * However, does it mean we head lower? No, not really. It can easily break through, and QQQ positioning looks strong overall, so I suggest that although we can get some short term consolidation/profit taking under the 50d SMA, it will likely break soon. * Traders are actually increasing bullish sentiment in the market right now. Call delta is increasing and skew is pointing higher. * For both QQQ and SPY, skew is pointihg higher than spot price which means traders are betting market goes higher from here. * VIX is trading under 14. It means market makers are increasing liquidity. It means fear is limited. Dollar is coming down again after dovish Powell, and bonds should fall again soon. IWM could out perform, as it opened above the 50d Moving average on Friday, and managed to hold above it. * IWM is interest rate sensitive, so as the jobs numbers came lower, which increases chance of rate cuts, we can see it push higher towards 205. * VIX/ OVerall market fear: * ITRX XOVER credit default swaps head lower. This is another indicator that tells us about fear and risk in the market. Conclusion, traders not really very worried. This tends to have correlation to VIX, so is supportive of VIX heading lower. * This should support equity index higher. * OIL: * Vol skew on Oil still points towards potential bounce. News of Gaza ceasefire collapse a humanitarian disaster but good for oil. Saudi extend production cuts too which is bullish. Signs of possible bounce up here, as traders unwind puts. * GOLD: * GOLD: Skew also points higher now. Traders are unwinding puts as hopes of interest rate cuts rise again after NFP data on Friday. Holding above 2300 is key and supportive for bulls. DATA LEDE: * CHina Caixin PMI * Services PMI came in in line with expectations, at 52.5, more or less same as last month * Composite PMI was more or less in line with previous readings of this year, at 52.8 * Eurozone PMI: Final revision * Came in 53.3 vs 52.9 expected for Services. * For composite, came in 51.7 vs 51.4 expected * THIS WAS THE FASTEST GROWTH IN BUSINESS ACTIVITY IN ALMOST A YEAR. * 2nd month in growth (reading above 50). Bullish. * Eurozone PPI (Mar) - * YOY came -7.8% vs -7.7% expected. Last month was -8.3% * So YOY was more or less a decline in line with expectations. * MOM was -0.4% vs -0.4% expected. * So PPI declined in Eurozone in line with expectations, which is bullish as points to future disinflation. * EUROZONE INVESTOR CONFIDENCE INDEX came -3.6, way better than the previous reading of -5.9, and better than forecast of -5. * So we are seeing improved confidence in Eurozone, as economy improves and sees continued disinflation. * Fed Barkin Speech * Fed Williams Speech * SLOOS (Q1) MARKETS: * SPX: Trading at 5145. Now above the 50 day moving average. Bounced off of it earlier, but managed to hold. 5150 is short term resistance. * Nasdaq: Flat, just under the 50d Moving average. Trading t 17,931. 18k is the resistance in near term. * Dow Jones: Flat in premarket, slightly higher, Trading at 38,800. * GER40: Higher to 18,165. Up 0.8% Strong return. Opened day just above 18k and just went higher all day. * UK100 - hits new high. 8229 * Chinese mainland markets reopen after extended public holiday last week. They are rising, catching up with gains in global markets seen towards end of last week. * HKG50: Slightly higher, to 18,668. Did dip below the 18,500 level, before pushing higher again, back above it. It tested 18,500. * Oil slightly higher today’s though still way below support, as Saudi hiked June crude prices for most regions and as hopes of Gaza ceasefire deal seem to slip away. Trading at 78.8 * GOLD: Flat, slightly higher at 2317. * 2300 key level. Is higher as jobs report came soft which refuels rate cut hopes. * VIX: 14 is key level on VIX, we saw it open at 14 then move lower. FX: * Sold off on friday to 104. Did push higher a bit, but is still down significantly since highs. It is flat today. * Yen is lower as intervention ineffective at breaking below the 152 level. Thats the key level. * USDJPY now at 153.75 after failing to break 152. * GBP and AUD both higher. * EURO flat to higher. * Overall AUDUSD above 0.66, now at 0.663 * GBPUSD slightly higher to 1.257 MAG7: * AAPL - Berkshire Hathaway trimmed Apple investment by 13%. This was because Buffet said it got too big a part of their portfolio, but did say it will remain their biggest holding for time to come. * 2nd quarter in a row where Buffett has sold apple shares. * AAPL DOWN 1% IN RPEMARKET BECAUSE OF THIS. * AMZN (last weeks news) - and Crowd are deepening an already tight partnership to consolidate AWS cybersecurity suite on Falcon platform - * TSLA - Musk says to Warren Buffett that investing in Tesla is an obvious move * AAPL - Foxconn (their manufacturer of iPhones) spiked 7% after company reported a 20% YOY rise in April revenue. OTHER COMPANIES: * PRFT has reached a deal to be acquired by Swedish private equity firm, EQT for $3B including debt, in all cash deal. Will pay $76/share, which is 58% above spot price. * Stock pops 52% * PARA - board has formally approved starting negotiations for potential acquisition by Apollo Global and Sony. PARA is up on this news. * PARA - In other news over weekend, Warren Buffett says Berkshire Hathaway sold entire stake in PARA at a loss. * BRK - Berkshire Hathaway annual meeting was over weekend. * Li up - Li L6 orders exceed 41k units says Li. Earnings are on Wednesday too. * PSNY - releases a video demonstrating rapid charging capabilities of Polestar 5 prototype. 10 min charge from 10% to 80% * MARA - Joining S&P Small cap Index. BTC also up for 5th day in row back above 64k * This is why all crypto miner stocks are higher. * LNG - Cheniere Chief Commercial officer says that LNG supply will tighten due to heat wave in Asia and technical challenges in Some plants. * SPR - Boeing supplier sues to block Texas safety probe. * AMD - raised to buy at Phillips price target 190 * BABA - Ant Group doubles down on global expansion, introducing cross border payments using Alipay+. * PLTR up ahead of earnings after close. * MU up as they are raised to outperform from Neutral by Baird. Price target 150 from 115 * Nio’s sub brand that they are working on, Onvo, their website goes live * X - raised to overweight by Morgan Stnaley, price target 48. Is up in premarket * Also EU clears the acquisition of US steel by Nippon Steel. * LAC - JPM cut to 7$ price target from 9 * Sq up - on Friday it opened up 12%, and closed red * SAVE - Spirit Airlines is down oj earnings as they post wider loss than expected, and revenue declined. * DRVN continues lwoer after 20% sell off last week. * EMN - Barclays sticks to hold rating for Eastman Chemical * Volvo Cars sales for April rise on storng EV demand - they are one of the few auto manufacturers that are seeing improving EV demand. * COIN - Goldman Sachs cuts price target to 255 from 295. * PTON - Goldman Sachs cuts target price to 3.50 from 5.75. * LAZR - is laying off 20% of its total workforce as shift to more asset light model * SOFI - insider buying from CEO OTHER NEWS: * Oil slightly higher today’s though still way below support, as Saudi hiked June crude prices for most regions and as hopes of Gaza ceasefire deal seem to slip away. * Saudi signalled expectations of strong oil demand this summer. * EUROZONE PMI shows fastest business activity growth in almost a year. * Hamas withdraws from truce talks due to Rafah operations. There had been reports on Friday that they were close to a truce deal. * This comes as Israel ministry of Defence say that they have been left with no choice and must start military operations in Rafah. * Israeli military tells Palestinian civilians in parts of Rafah to evacuate immediately. UN and White House urge against offensive in Rafah, which they say will have catastrophic humanitarian consequences. * Maersk says Red Sea disruption could cut Asia-Europe capacity by a. Fifth * China domestic tourism over Labour day Holiday was up 12% YOY. Which shows improvement in domestic consumption. * SMBC says that Yen will face upside resistance against USD at 150 said that will be very hard to break. * China President is in Europe to reinvigorate the relationships. Xi says that China regards Europe as a foreign policy priority. * BTC rebound over last 4 days has liquidated over $100M in shorts, says Coinglass data. * Goolsbee on Friday reiterated that the current jobs numbers were still solid, despite missing expectations in Fridays NFP. He said that the jobs report on Friday gave him more comfort. Sign that economy is Not overheating. * JPM expects ECB to cut by 75bps this year, after removing one cut in October, down from 100bps forecast. * EUROZONE INVESTOR CONFIDENCE INDEX came -3.6, way better than the previous reading of -5.9, and better than forecast of -5. * So we are seeing improved confidence in Eurozone, as economy improves and sees continued disinflation. * ECB’s Lane reinforces that sentiment that Fed decision doesnt have big bearing on Eurozone. Said lets not exaggerate the divergence between ECB and Fed policy * Said rate cut case is getting stronger. * ECB’s Simkus says that in his eyes, ECB can afford to reduce restriction. * CITI expect Fed to cut rates in July, vs June previously * US allegedly puts hold on ammo shipments to Israel. This is according to a report which cites Israeli officials. US refuse to comment * Goldman Sachs upgrades End of year target on Copper to 12,000/T from 10,000/T. * Reports that OPEC+ are likely to extend production cuts in June * US House representatives Leader Hakeem Jeffries says its possible US will have to send troops to Ukraine if Kiev is defeated. * US administration considers reclassifying marijuana, potentially easing tax burdens. This would likely be bullish for marijuana stocks. * Russia adds Zelensky to its list of wanted people * White House says they are continuing to monitor Bird Flu very closely * In UK Labours Sadiq Khan wins London mayor race.