It was a bullish start to the week, the SPX breaking a new hist’ high of 4572, and settling +21pts (0.5%) to 4566. Meanwhile, WTIC settled u/c at $83.76.
sp’weekly1b
WTIC daily
Summary
sp: Regardless of whether this week settles net higher or lower, with a new hist’ high, it will have to be seen as a net bullish week. Momentum continues to tick upward, set to turn positive by mid November. At best, the bears might washout to the 4450s or so, before resuming upward. The 4700s look pretty easy before year end. Tom Lee of Fundstrat was recently touting the 4800s, and who could argue against that?
wtic: oil broke a new seven year high of $85.41. Today’s candle is black and spiky though, and leans s/t bearish. Momentum continues to weaken, and is due to turn negative within 1-2 days. Old resistance – of the 77/76s… is new core support.
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Looking ahead
Tuesday will see Case-Shiller HPI, consumer con’, new home sales
Earnings: UPS, GE, MMM, LMT, JBLU, RTX, WM, HAS, LLY, PHM, AMD, MSFT, GOOGL, V, TWTR, HOOD, TXN, BYD
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PF chart of the day
Computer is seeking the $1909s, which seems realistic before year end.
Gold, weekly
Gold printed the $1811s today. Weekly momentum has turned positive. Price action is tight, and a major push upward appears probable. Things turn decisive >$1850.
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Final note
The day began with…
CNBC running with the usual narrative, the latest being the big push to vax/treat the kids. Do I have to remind you that Comcast have a business relationship with Pfizer (and probably many others within big pharma’)?
The risk/reward ratio does NOT support treating anyone much below the age of 50. The only excuse would be if you believe that one demographic (kids) be treated, to lessen the risk to another demographic (the olds).
I can almost understand if you believe that is a valid reason, but still…. maybe you should tell that to the parents of an injured or dead son/daughter.
The Dore…
Its almost surprising Google/Youtube haven’t blocked the video, just for posing the question.
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One view… from an ‘old man in a chair’…
As ever, you make of that, what you will. I don’t agree with all of it, but still, the Doc’ is a voice of reason within a sea of psychosis.
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Noam Chomsky doubles down on his previous call for the state to segregate The Unvaccinated from society:
"How can we get food to them? Well, that's actually their problem."
via @PrimoRadical https://t.co/WIjVOs1h7I pic.twitter.com/ZudDW6weoj
— Max Blumenthal (@MaxBlumenthal) October 25, 2021
Chomsky… surprisingly still alive, is part of a push to segregate. Its an outrageous thing, but I’m aware a fair percentage of the populace support it. The only way this can end well for the resistance will be the ‘big bad’, as has been clear to me since last year.
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Supply chain chatter…
Christmas isn’t far away, and we’ve monstrous breaks in the supply chain. The only issue is whether the sheep/serfs become spooked enough to panic buy. Even if that doesn’t happen in any given country, there will clearly be shortages of many things into 2022.
Goodnight from London
Yours… reasonably flush with reserves.