It was a mixed day in equity land, the SPX printing 4068, but swinging to break a new multi-year low of 3958, and settling +0.2% to 4001. Meanwhile, WTIC settled -$3.33 (3.2%) to $99.76.
sp’weekly2
WTIC daily
Summary
SPX: another day… another lower low, today printing 3958, the lowest level since March 2021. Next support is the 38% fib of 3810… which might sync with the IWM 166s.
WTIC: a second day lower, and whilst today settled under psy’ $100, broadly… its all chop. Support $93s.
–
Looking ahead
Wednesday will see the latest CPI data.
Market is expecting…
Headline y/y +8.1%, vs 8.5% prior
Ex food/energy y/y +6.0% vs 6.5% prior
Seriously? Consensus seems overly optimistic. Hell, if the number is u/c, the market is going to be real upset. If its higher… we’ll flash print to the sp’3800s in 0.5 seconds.
Other data: EIA Pet’, US T-budget
Earnings: YETI, FVRR, DNUT, WEN, PSFE, DIS, RIVN, BROS, BYND, KGC, SONO, BMBL, CPNG
–
PF chart of the day
Computer is seeking the $137s (top left number… the right number 136s is skewed due to the scale).
Apple, monthly
I’d keep in mind April settled under the 10MA, and we’ve broken a new cycle low of the $151s. Momentum is increasingly negative. Prime target are the Oct’2021 $137s, which is ‘curiously’ exactly the Computer’s PF number!
–
Final note
Biden argues #inflation due to Pandemic and Putin.
—
No mention of govt' overspending, as fueled by the Fed printing trillions out of nowhere… a policy that Trump/Republicans also broadly supported.yours… maximum annoyance. pic.twitter.com/nkUZhHfPU0
— Philip Calrissian (@Trading_Sunset) May 10, 2022
I don’t care which side of the political aisle (if any) you are. The fact is that the Fed helped fuel the hyper overspending seen since spring 2020. Some of that ‘hot money’ has found its way into consumers, which seriously worsened the demand/supply imbalance.
Neither anyone at the Fed, or within the US Govt’ want to admit it, and this issue certainly stretches back to the tail end of Trump’s admin.
—
An amusing little highlight by the Dore, of Rand Paul, calling out the biggest liar of all… the US Govt.
–
EVERYONE IN THE WORLD needs to pay attention to this & contact their legislators NOW! WHO is controlled by the Chinese Communist Party, which will be governing THE WORLD if we don't stop this! The #CCP has over 400,000 of its own people locked down now. @Trading_Sunset
=^.^= https://t.co/m2Ar7JQern— DEBRA LEE (@Catwoman_1984) May 10, 2022
A significant, perhaps majority of countries are indeed to set to give over powers to the WHO, an institution corrupted by the CCP itself.
Its sheer madness, but as I’ve long said… there is no hope of recovery from psychosis for most of the sheep/serfs. They appear more than fine to allow their political hacks (both sides) to just let the WHO dictate public health policy, even if it violates the constitution, or various ‘rights’.
If anyone from the UK ever tries to inject me, whether on the orders of the UK Govt’ or the WHO, they’re going to have a bad day.
—
As some say… what is the difference between conspiracy theory and the news? About six months.
Goodnight from London