Thursday saw early broad weakness to sp’4367, but the market did recover to settle +5pts (0.1%) to 4405. Meanwhile, WTIC settled -$1.71 (2.6%) to $63.50.
sp’weekly1b
WTIC daily
Summary
sp: I’d note the 10MA at 4361… which we came within 6pts of. For a bearish engulfing weekly candle, the bears need <4424. The s/t cyclical setup does lean to the bulls, although OPEX will lean to broad chop. Its likely going to be a close run thing tomorrow.
wtic: oil cooled for a sixth consecutive day, printing $62.41, which decisively took out the $65s. We’re now within price cluster support of the 63/60 zone… where the 200dma is lurking. We really ought to build a floor from current levels. Ongoing strength in the dollar sure isn’t helping.
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Looking ahead
Friday has no econ-data.
Earnings: DE, FL, BKE
Event: OPEX. Expect considerable chop on distinctly higher vol’. Market makers will be highly inclined to pin the SPX around the nearest big round number of 4400.
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PF chart of the day
Computer has a bearish target of the $141s.
OIH, weekly
It was another rough day in energy land, with the oil/gas serv’ ETF of OIH currently net lower for the week by -8.9% at $167.67. Whilst we’re cyclically low, there is simply no sign of a floor/turn yet.
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Final note
C19 chatter…
Winter Soldier was indeed a fine film, and it did provoke many of the sheep/serfs with the obvious quandary of whether Iron Man or Cap’ was right. For the record (and perhaps not surprisingly) I was on team cap’.
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A bold and honourable exit. I’d note her point at how most of the board are simply silent on things. Every one of them deserves what is likely coming to them.
Do you hear the ticking clock? Every hour… every day… all those carrying the ‘leaky vaccine’… are raising the risk of a ‘big bad’ mutation.
It really is just a math issue. A couple of billion ‘variant factories’… each of which offers the opportunity for a societal/species destroyer variant.
Tick tock… tick………… tock.
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I found a VERY long video of the sheep/serfs getting riled up…
If anything, jump to 3hrs 56mins for the yellow shirt lady. She is fiery, and I like that. Not everyone has given up. Some… still remember the world before March 2020.
Special note for the new people…
Just to be clear… I would die to protect YOUR right to decide YOUR medical choices, just don’t place them (whether via Government force, or employer coercion) upon yours truly… or anyone else!
Goodnight from London