In today’s briefing:
- A Crypto Friendly Asia: What It Will Mean For Markets
- SPX Range Ahead of Next Leg Down
- FY23 Operating Outlook and Proved Reserve Update
- NVIDIA Rebounds On ChatGPT Surge
A Crypto Friendly Asia: What It Will Mean For Markets
- On Monday, Hong Kong made its intentions clear to open the door to crypto trading for retail.
- Reports claim that China is quietly encouraging the move, using Hong Kong as a testing ground for what safe crypto trading might look like.
- The Hong Kong Securities and Futures Commission (SFC) outlined various caveats for retail investing in crypto, namely hinting at only having a small subset of the largest tokens available to trade.
SPX Range Ahead of Next Leg Down
- SPX 3,980 is where a mild bounce should unfold. 4,060 sell resistance then the set-up calls for a break below 3,980 to test lower targets.
- This next leg down will cause more damage in EM/Asia and Europe. MACD on the verge of an ugly break below the “0” acceleration line.
- US 10yr yield dip is a buy for a push above the 3.95% pivot resistance with new highs in store.
FY23 Operating Outlook and Proved Reserve Update
- We are updating our estimates to reflect the operating outlook Earthstone provided on February 16, 2023, and changes to certain assumptions around commodity prices and costs.
- We expect detailed 4Q22 financial results in early March.
- 4Q22 production averaged ~104.8 MBOE/d, above the high end of management’s previous 98-102 MBOE/d guidance.
NVIDIA Rebounds On ChatGPT Surge
- NVIDIA yesterday reported Q4 2022 revenues of $6.05 billion, in line with their forecast, down 21% from a year ago and up 2% sequentially.
- Interestingly, NVIDIA’s current downturn is playing out almost exactly like their previous downturn back in 2019 as can clearly be seen in the above chart.
- We expect to see this same recovery pattern continue throughout the remainder of 2023.
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