It was another day for the bears, the SPX printing 4061, if recovering to settle -12pts (0.3%) to 4115. Meanwhile, WTIC settled -$2.15 (3.3%) to $63.35.
sp’weekly1b
WTIC daily
Summary
sp: Weekly momentum did actually turn negative this morning, if recovering to settle fractionally positive. The market remains s/t vulnerable, if only for a few more days to around 4000. The 4300s still appear realistic, if not until late June/July.
wtic: a second day lower, printing $61.95, pressured by the main market, and the stronger dollar. S/t vulnerable, but a push above the March $67s is still on the menu, and then onward to big target of $75/76s.
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Looking ahead
Thursday will see Weekly jobs, Phil’ Fed, Leading indi’
Earnings: CSIQ, KSS, LSPD, WOOF, BJ, RL, HRL, AMAT, PANW, DECK, ROST, SVM
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PF chart of the day
Computer has a bearish target of the $36s, which is notably just below the 50dma in the $37s.
Freeport, monthly
With copper printing $4.52, it was a rough day for FCX, settling net lower by -6.7% to $40.72. Daily momentum turned negative today, and on any basis, another few days lower to the 50dma in the $37s seems rather probable.
Along with TSLA, X, SLB, and a fair few others, I see FCX as one of a number of stocks that are suggestive of further main market downside.
Yours truly is long FCX, but having sold half last Friday from the low $42s, I’m looking to buy back. The $37s would be an attractive level. After all… Copper is still headed above and beyond psy’ $5.00, yes?
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Final note…
C19 chatter, kindly forwarded by a subscriber…
https://www.bmj.com/content/373/bmj.n1244
A fine article, rife with valid questions, ones that you’ll never see mentioned within the mainstream. Hell, if I was to even link that via Twitter, maybe the twitter health police would flag it up, even though its from the British Medical Journal.. the very pinnacle of medical science!
It remains the case… all the vaccines/treatments are experimental. We have ZERO longitudinal data on the positive/adverse effects.
The ultimate threat remains ADE. My guess is that might occur in autumn 2022. By then of course, various governments might have made the vaccines/treatments mandatory.
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The Broken populace
It would make for a post in itself, but its remarkable to see the mass delusion out there, the notion that things will ever return to normal. The the bulk of the populace are just plain ignorant of even the most basic of issues. The capitulation of the middle class to government fear porn/propaganda… its just incredible.
I see many valiantly trying to return to normal, but with zero appreciation, or just plain denial, of what has occurred since early 2020. Even if there is no serious ADE event, the psychological implications will ricochet within the species for decades.
If you have ‘issues’ with the ‘millenials’ (I sure as hell do), just imagine what those currently aged 5-15 are going to be like in another 10/15yrs? For a full year of their lives they’ve lived under the perceived threat of imminent death. Not from terrorism, international war, or climate change, but from merely being near someone, or touching a surface.
Such a generation are going to be a real problem in the decades ahead, not least when some of them gravitate into governmental or high level corporate positions.
On that spooky note… goodnight from London