It was a mixed Thursday in equity land, the SPX settling -33pts (0.7%) to 4667. Meanwhile, WTIC settled -$1.42 (2.0%) to $70.94.
sp’weekly1b
WTIC daily
Summary
sp: As things are, we’re still net higher for the week by a very significant +2.8%. Even if the market sees early cooling to orange gap, we’re still set for sig’ gains, as last week’s low of 4495 appears secure. Momentum should turn positive next week.
wtic: oil printed $73.34, but swung lower, pressured by a mostly weak main market, and a stronger dollar. Support 69/68s, but that should hold… before swinging upward to 74/75s before Christmas.
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Looking ahead
Friday will see the latest CPI data. Consensus is for headline y/y +6.8% vs 6.2 prior, with ex food/energy +4.9% vs 4.6 prior.
So, anything above >7% and >5% respectively would rile up the market…. if only for a day or two.
Other data: consumer sent’, and the US T-Budget. It remains a travesty that the latter garners next to zero mainstream attention.
Earnings: none
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PF chart of the day
Computer is seeking the $47s, which make sense, and would sync with orange gap and the 50dma.
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Final note
Here in the UK, the sheep/serfs are increasingly getting annoyed…
Herr @BorisJohnson goose stepped his way to his presentation to announce the possibility of mandatory vaccines.
So please join me in the #GreatBritishFuckOff #NoVaccinePassports #BorisJohnsonMustGo #WeWillNotComply #DoNotComplyEVER
— David Atherton (@DaveAtherton20) December 8, 2021
I have not & will never go to any venue that demands I show any form of medical documentation. My medical history is between myself & my doctor. No one else.#WeWillNotComply#NoVaccinePassports #NoVaccinePassportsAnywhere #NoVaccineMandates #DoNotComplyEVER #EnoughIsEnough
— Marlon Kameka (@MarlonKameka) December 8, 2021
Indeed, a primary way to ‘break’ the regimes is to simply not go to places where the vaxports or any of the mandate rules are enforced.
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Always good work from Heyling and Weinstein…
Whilst some of the sheep/serfs are questioning the fear narrative, I don’t see it as anything of significance. Around two thirds of the populace are psychotic (I don’t use the term lightly… my academic background is in psychology/mental health/therapy), and there is no realistic hope of recovery.
It is true that for a revolution – not least in the case of the Americans against the British, it only took a very small number, a literal few percent, to achieve a successful revolution. Yet… unlike then, we’re in a society where the Govt’ can track, and persecute people via the push of a button – as is especially the case in communist China.
I still see only one good scenario for ‘the resistance’, which whilst isn’t a great outcome, I’ll take it. Just keep an eye on the annual death rate. Few care… but its the ultimate data point for 2022.
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Amtrak expects to cut some services in January due to COVID vaccine requirements
— Market Rebellion (@MarketRebels) December 9, 2021
If you read around… you’ll hear similar talk of service cuts, with time/coverage reduced. Its the literal (if slow) collapse of basic systems, which primarily stems back to the collective psychosis that began March 2020.
Unless various government regimes back off from the mandates, we’re looking at a significant chunk of the populace just walking away… ala John Galt style.
I am wondering how much the market will be able to tolerate in 2022, before it breaks. For now, I’m still looking for another push upward that broadly extends into the spring.
Goodnight from London