It was a day of considerable moderate chop, the SPX settling -1pt (0.04%) to 4221. Meanwhile, WTIC settled -$1.11 (1.5%) to $71.04.
sp’weekly1b
WTIC daily
Summary
sp: As things are, we’re moderately net lower for the week. There is little reason to expect things to change much with Friday being quad-opex. Regardless of the exact Friday close, with a new hist’ high of 4257, it has to be seen as a net bullish week.
wtic: oil printed a low of $69.77, but recovered to the $71s. Yesterday’s black candle (which I wrongly dismissed) played out. Daily momentum threatens to turn negative next Monday.
On balance, I have to expect the 75/76s to be hit, whether before end month or within July. There is simply zero reason to change the m/t outlook because of a Thursday commodity washout.
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Looking ahead
There are no earnings or econ-data due.
Event: It will be ‘Quadruple Witching’ Option Expiration – Quad-OPEX, so expect considerable chop on much higher vol’. On balance, the VIX could be expected to be ground lower into the weekend.
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PF chart of the day
Computer has a bullish target of giant psy’ $100.
AMD, monthly
AMD settled the day +5.5% to $84.56, helped by news that Google will use the EPYC chip for its servers. Its a mid/long term positive.
AMD is currently net higher for June by +5.6%. Monthly momentum continues to weaken, and is outright negative. I would note the key 10MA in the $83s. Bulls should be seeking a monthly settlement >84s.
On a personal note, AMD was the one green box in my portfolio, and a reminder to me that diversification is so important. I’m arguably overly heavy long miners and energy, but to be clear… I’m still massively bullish both such sectors. I’m not going to get rattled with a single ‘rough Thursday’.
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Final note
C19 chatter…
A leaked UK Govt’ report…
… all those perspex screens are largely, if not completely pointless. But hey… it makes some of the sheep/serfs feel better, so why not make them permanent until the end of time?
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I’ve no idea who this guy is, but I like his answer. Indeed, someone’s vaccination or general medical status, is none of anyone’s business, least of all, a mainstream media hack. The fact he brings up the issue of natural immunity (after being infected) is an added bonus.
Goodnight from London
Yours… medical status… none of YOUR business!