The equity week began on a weak note, the SPX settling -25pts (0.7%) to 3799. Meanwhile, WTIC settled +1cent to $52.25.
sp’weekly1b
WTIC daily
Summary
sp: Whilst weekly momentum is subtly starting to tick lower… equity bulls need have no concerns unless we break the weekly 10MA, currently at 3693… and that does not look realistic this week.
wtic: oil churned the 52/51s, pinned back by the main market, but also the somewhat stronger dollar. It was notable that Goldman Sachs have a summer target of the $65s. Yours truly is certainly amused to see the squid catching up to my original target of 65/66s, which does look probable.
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Looking ahead
Tuesday will see the latest JOLTS
Earnings: KBH
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PF chart of the day
The computer has a wildly bullish target of the $122s… which is almost double the current price.
Citigroup, monthly
Citi is currently net higher for January by +7.7%.
Earnings are due this Friday, and should be rather good, as the trading companies are fairing far better than the more banking oriented financials.
For the record, I still have issues with this one, as its been a sector laggard since the 2008 collapse. I would favour BAC, JPM, GS, or MS.
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Final note
Its only Monday… but today was tough. Its not the market that bothers me, its the society I live within. I have zero sympathy with a willfully ignorant and outright retarded populace.
The idiocy of the ongoing measures is beyond insane. A huge chunk of UK businesses have simply… gone. Few here want to talk about it, least of all the mainstream media, who are largely just propaganda outlets for the UK Govt.
There are the vaccines… and I see 2M appear to have lined up for the shot. With ZERO longitudinal data, I will have no gods damn sympathy if it turns out there are serious long term adverse affects.
Ohh, and never mind the (apparently) useful Ivermectin, but hey… no one wants to talk about a cheap and effective treatment for C19, not least Astrazeneca, Pfizer, or Moderna.
Truly incredible times… as many have lost their minds.
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The following from Denniger merits a browse…
http://market-ticker.org/akcs-www?post=241211
His point is valid, and yours truly is most certainly NOT, and never will be… a member of ‘the party’. I’d rather be dead, than be part of the cancer that is communism.
Goodnight from London