US equities saw a distinctly weak rebound, the SPX printing 4394, but settling -3pts (0.1%) to 4354. Meanwhile, WTIC settled +35cents (0.5%) to $70.49.
sp’weekly1b
WTIC daily
Summary
sp: The gains were shaky from the start, and today’s decline (if only fractional) was a reminder the market is s/t broken… sustainably under multiple aspects of support. I’d note most realistic bearish case are the low 4100s.
I’d further note price action from Aug>Nov’2020. Its very possible we’re going to see something similar, before ‘normal service’ resumes.
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wtic: Today’s daily candle isn’t quite a black doji… but it IS indecisive. Bulls could argue s/t price structure is a bear flag. Bears could argue with the main equity market s/t broken, the door is open to the 200dma in the $63s.
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Looking ahead
Wednesday will see Existing home sales, and the EIA Pet’ (10.30am)
Earnings: GIS, BB, KBH, FUL
Event: FOMC announcement (2pm), Press conf’ (2.30pm)
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PF chart of the day
Computer holds a bullish target of $44.50, which isn’t bold.
Bank of America, monthly
Price action has been a mess since the June $43s, but bulls could argue its just consolidation, after a massive climb from the $17s. I’ve no concerns unless the 10MA is lost… currently in the $37s. The latter appears unlikely, not least if you agree rate hikes (if only 1 or 2) are coming in 2022.
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Final note…
The Twitter propaganda continues…
There is an 85/90% correlation between those who ended up in hospital, and those with Vit’ D deficiency. As ever… its a correlation, and it doesn’t mean its the cause of higher rates of disease.
Yet.. we have Twitter actively pushing against the notion that vitamins (and you can extrapolate… to general diet), having an impact on whether someone falls ill or not. The arrogance is beyond contemptible.
Ohh, and this was truly ironic…
Twitter settling for $809M for ‘misinformation’, as it effectively lied about its metrics. You could easily pick apart the current metrics, not least if you consider all those users that block ads, but which Twitter would never want to talk about.
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The supply chain
You can argue we’ve seen a powerful recovery since spring/summer 2020, but I’m not talking about the equity/capital markets, I’m talking about the US and broader global economy.
The insane lockdowns caused endless supply chain breaks. Many of those breaks are still in the early process of displaying their effects.
The UK is particularly broken, with even grocery deliveries affected.
As noted yesterday, the UK energy market is also collapsing, with most of the (fifty or so) companies set to go bankrupt within the next few months. Right now, the UK media are more focused on the potential bailout necessary, but more money printing from the Bank of England, won’t lead to higher production of CO2, or keep the power plants operating.
If you read around just a little, you should see endless stories about existing, or looming shortages. If the sheep/serfs start to notice… it will start to spiral.
Back in Feb’2020, I was hoping for three weeks to ‘get what I needed’. In the end… I had five, before the shops were literally emptied out by the panicked masses.
Lets be clear, we don’t need any ‘big bad’ health-related event, for things to turn ugly. All we need is for the sheep/serfs to panic.
Yours truly had another delivery yesterday, as I’m pretty close to maxing out my reserve capacity. Hell, I’d almost consider another freezer or two, but whats the point if the power goes out for more than 12hrs? If the power was out for more than three days, my city would be literally burnt to the ground by the zombie hoards.
I hope you’re at least making some degree of preparations. as I know many of you did from late Jan-early March 2020. Best case… nothing much happens. Worse case… you’ll at least have some degree of buffer before having to worry about anything.
… and I highly recommend this…
The ‘hill I will die on’ is one of my favourite phrases I’ve used across the past year or so.
Its ‘curious’ to hear someone talk about the ‘cumulative’ damage from an increasing number of shots. To be clear, I don’t claim to ‘know’…. its just my best guess.
The irony is that those who would slate me, would dare claim to ‘know’ that the vaccines/gene therapies are ‘safe and effective’, whilst there is a complete lack of longitudinal data.
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I’ve lost a fair number of followers for highlighting the facts, and have even cut off some subscribers who’ve made it clear, they support the mainstream narrative.
I’ve no interest in serving anyone who believes I’m ‘non-essential’, and that I had ‘no right to work’ in spring 2020 (and again in autumn/winter 2020). I want nothing to do with anyone who believes their health choices should be forced – even via police/military force, onto me or anyone else
I won’t back down… ever, and I’d gladly die on that hill.
Goodnight from London