It was a rough start to the week, the SPX spiraling to 4582, if recovering to settle -6pts (0.1%) to 4670. Meanwhile, WTIC settled -67cents (0.8%) to $78.23.
sp’weekly1b
WTIC daily
Summary
SPX: last week’s bearish engulfing candle has already played out. Momentum is increasingly negative. I’d note the middle bollinger – which is also the 20dma, currently 4581… which we spiked from around today.
WTIC: oil cooled for a second day, largely due to the weak main market. S/t bearish with the main market into Wed/Thurs’, and I’d note the 50dma in the $75s.
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Looking ahead
Tuesday will see the NFIB small business index
Earnings: ACI
Event: Powell is due before the US Senate for his nomination hearing.
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PF chart of the day
Computer has an upgraded bullish target of $46.50. Even to me… this is pretty wild, but the trend IS there. Last week’s break above the April 1999 historic high of $23.15 does bode for far higher levels than just psy’ $30.
Ford, monthly
As I sometimes say, if you don’t like Tesla… there is always Ford.
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Final note
On this side of the Atlantic, Saget isn’t particularly well known, although I’m familiar with the name.
TODAY’S NEW EP— I talk to callers, all with funny or touching stories…I surprised Elizabeth and her super-fan dad, Karen tells me of nightmare Tinder matches, and Sam the DJ who called hungover. —Listen at: https://t.co/RtuHo3h5ZP @allthingscomedy pic.twitter.com/qlneBJGKvF
— bob saget (@bobsaget) December 13, 2021
Dec’13th 2021 Saget joked he took his booster ‘in the butt’.
Four weeks later… and we have his death.
First, maybe he didn’t even take the booster. Anyone saying the booster killed him is arrogant, but… those saying it has NOTHING to do with it are equally arrogant. We don’t know, and will never know for sure, as there are literally thousands of variables.
I would merely remind you of the winter Olympics – due Feb’4th>20th, where I continue to expect some ‘unexplained/surprise’ deaths. If just 1 or 2, the mainstream media will be able to ignore it. If 3 or more, it’ll be difficult for them.
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Here in the land of yours truly…
IKEA descrminating against the unvaxxed.#BoycottIkeahttps://t.co/ATNTuRnNTg
— AnonAcc1984 (@CompSolutionsUK) January 10, 2022
Any type of discrimination on medical grounds is pretty immoral. As ever, the consumer is king, and those that don’t like the policy, have a really simple choice… to just shop elsewhere. Bullish capitalism and freedom of choice, right?
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Dore highlighting something positive…
One of the more interesting issues is finding out what the non-active ingredients are. So far… all we know are what the active ingredients are.
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The Nasdaq comp’, monthly
I endeavour to keep up with everything, but its difficult. The last few weeks I’ve been crazy busy. Today… I finally checked the Nasdaq on the monthly.
Most notable is that monthly momentum appears set to turn negative, whether by end month… or at the Feb’1st open. Its a problem, and it does merit alarm bells.
Personally, rather than a main market crash, I’m instead looking for sustained sector rotation, out of tech, and into energy, fins, and the cyclicals.
Goodnight from London