It was effectively a holding pattern day within equity land, the SPX settling -7pts (0.2%) to 4219. Meanwhile, WTIC settled -9cents to $69.96.
sp’weekly1b
WTIC daily
Summary
sp: a pretty natural day of minor chop ahead of Thursday’s CPI data. Weekly momentum is negative, and that should at least slightly concern the equity bulls, that the 4000s might be seen before the 4400s.
wtic: oil broke a new cycle high of $70.62, but settling fractionally lower in the upper $69s. S/t vulnerable with the main market. M/t bullish 75/76s.
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Looking ahead
Thursday will see CPI, Weekly jobs, US T-budget
Earnings: FCEL, SIG, CHWY
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PF chart of the day
Computer has a bullish target of the $167s.
Electronic Arts, monthly
I understand those of you with little/no interest in online gaming. However, as someone who has played the Battlefield series for the better part of two decades, today’s trailer for Battlefield 2042 was VERY positive.
It’d seem the company has listened to its core fanbase, and is set to release a game (due Oct’22), that will meet their high demands. It should be a massively successful product into/across 2022.
Yours truly will buy the game, and perhaps the stock, although I’d like to wait until after a main market drop late summer/autumn.
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Final note…
C19 chatter
With thanks to a subscriber for forwarding this…
https://www.juliusruechel.com/2021/05/the-lies-exposed-by-numbers-fear.html
A superb article, detailing the misplaced mainstream hysteria, as the data… should be clear to anyone who takes a few minutes to consider it.
Whilst there is a major push to try to have a ‘normal summer’, my thoughts remain on 2022. The math is clear…. and virtually no one wants to think about. I don’t think I’m wrong in saying… its almost a global societal taboo.
Yours truly will call it out… as I continue to see it. I don’t expect you to agree with all of it, but the math can’t be questioned. Never mind the issue the next influenza cycle high will be in 2022, as the solar cycle/activity should be increasing.
It ain’t over, and whether they call it C22 or C23 (the number is dependent on the year its deemed as first appearing), will be of little importance.
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A few miscell’ videos…
I see next resistance of 2400/2500.
and…
The Schiff sure can talk to himself for a long time. In any case… he is right about the mainstream actively playing down the inflation risk.
Goodnight from London