Looking ahead

US equities managed rather impressive significant gains ahead of Thursday’s CPI, the SPX settling +65pts (1.4%) to 4587. Meanwhile, WTIC settled +30cents (0.3%) to $89.66.

sp’weekly1b

WTIC daily

Summary

SPX: as things are, we’re net higher for a third consecutive week, but we’re still below the weekly 10MA… once support… now resistance. Bears really just need to hold the Friday settlement <4600. Now its a case of how the market views another (increasingly hot) CPI print.

WTIC: a net gain, but today’s candle is black, and leans s/t bearish for Thursday. Momentum has turned negative for the first time since Dec’9th. I’d note natural target of the 50dma… currently $78s… and soon psy’ $80.

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Looking ahead

Thursday will see the latest CPI data. Mr Market is expecting headline y/y 7.3% vs 7.0% prior. Ex food/energy y/y: 5.9% vs 5.5% prior.

Other data: Weekly jobs, US T-budget

Earnings: KO, PEP, DDOG, AZN, TPR, MT, AFRM, TWTR, NET, Z, ACB, EXPE, UPWK
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PF chart of the day

Computer has a very bearish target of the $21s.

Twitter, monthly


Even though Twitter is currently net higher for February, its still a lower high and lower low. The loss of the $39s in January was decisive, with the door wide open to the $25s. I’d note that the computer’s PF target of the $21s… is a level we’ve not seen since the main market collapse low of March 2020.

Any further downside would be very pleasing to see. For the record, I do see the new CEO as being under increasing pressure. Agrawal isn’t even active on his Twitter account, its just ‘not his thing’, and I’d be surprised if he hasn’t quit before year end.

I saw news that Trump’s Truth Social launch has been delayed from Feb’21st to ‘some time’ in March. Its not surprising. Even once its launched, we can expect server overloads, hacks, and the first wave of people to start getting kicked/banned.

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Final note

The day began with some truly bizarre propaganda from Twitter…


….right… so… less antibodies is now a positive…


If you read through that… its still the same old nonsense, whilst admitting that antibody counts are higher in the unvaxxed than the 2-vax people. Pretty incredible. Reuters continue to push out truck loads of pro-vax/mandate garbage. Literally… posting extremely skewed stories about ANYONE who opposes the restrictions, including the truckers.
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Heyling and Weinstein on the increasingly corrupt Gofundme.
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As things are, we remain firmly on the path toward 100% dystopian hell, where the ‘all powerful state’ can literally turn your life on/off as it wishes.

We’re in the ‘soft phase’ right now, where companies like TWTR, GOOGL, FB, and PYPL could cut me off for holding certain (if still legal) views/actions. In another 5-7 yrs, everyone might have been allocated a number, linked to a cashless financial system, and they’d be able to effectively prevent anyone having an income, a home, or the ability to buy things.

Just because the crazy mandates are being largely dropped hasn’t changed any of the other (mostly horrific) grander trends.
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Sideline entertainment such as ‘Book of Boba Fett’ or the movie ‘House of Gucci’ are a welcome escape/distraction from the horror of the world I live within. I do recommend the latter movie… based on a true story that I wasn’t aware of.

Goodnight from London