Equities were mostly in a holding pattern ahead of CPI, if cooling into the close, the SPX settling -0.9% to 3818. Meanwhile, WTIC settled -$8.25 (7.9%) to $95.84.
sp’weekly1b
WTIC daily
Summary
SPX: note the weekly 10MA at 3922. A weekly close above that won’t be easy… not least with OPEX this Friday. Any daily closes >4K would offer a run to the 4300s.
WTIC: a fiercely bearish day for oil, not helped by the shaky main market, and the broadly strong dollar. The 200dma in the $93s is clearly realistic early Wednesday.
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Looking ahead
Wednesday will see the latest CPI, consensus is for…
Headline y/y: +8.8% vs +8.6 prior
Ex food/energy y/y: +5.8% vs +6.0% prior
The latter looks especially overly optimistic.
Other data: Fed Beige Book (2pm), US T-Budget
Earnings: DAL, FAST
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PF chart of the day
Computer is seeking the $177s.
Apple, monthly
Apple is currently net higher for July by +6.7% in the $145s. I’d note the key monthly 10MA in the $159s. I do NOT expect any monthly settlements >10MA until mid 2023. Earnings are due July 28th AH, which is the day when Q2 GDP should print negative, and make the recession official.
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Final note
The day began with an utterly depressing story…
'Thompson… in her 50s, says the enduring illness and lack of substantive financial support has led her to begin the process… for Medical Assistance in Dying (MAiD)'
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Canada remains on the dark path.
A society not worthy of survival. https://t.co/W3ZpkFyeyn— Philip Calrissian (@Trading_Sunset) July 12, 2022
‘MaiD’ is something I’ve highlighted a few times, and its gaining attention again, with various cases of people who are literally going to kill themselves because they are too poor to sustain themselves.
The Canadian regime is fine to arrange euthanasia for ANY reason, including depression, PTSD, or in Thompson’s case… a simple lack of money.
It is a very dark path for a society to take, as a regime could easily falsify someone’s ‘wish’, and have them killed off. Those not agreeing with the various narratives – not least C19 and climate change, are especially vulnerable to being rounded up and disappeared.
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Meanwhile…
Twitter was surprisingly not interested, or was unable to stop #stoptheshots from trending.
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Do you remember when you were called a #conspiracytheorist for saying peoples #DNA would be altered……
Well a new Swedish lab study is proving otherwise….. pic.twitter.com/dVBje2nVFv
— TheAJRobertsShow (@AJRobertsShow) July 10, 2022
Its not great, as those ‘hard coded’ with the various gene therapies, might now carry it across into the next generation, who perhaps should be called Gen’ mRNA.
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We even have one of the German MEPs (member of the European Parliament)…
Vaccinated pilots no longer fit to fly according to German MEP Christine Anderson pic.twitter.com/tg9VFwx727
— Drebonacci (@andre_mihaescu) July 10, 2022
… as the pilot shortage is set to get worse into 2023, although that will perhaps not matter if consumer demand collapses with an extended recession.
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Dore highlighting what I’ve been regularly noting for a very long time. I expect the ‘all cause’ mortality rate to accelerate starting this fall – something I first called in autumn of 2020. It’ll be ‘interesting’ to see how the global populace react. How many will have to die, until they accept there is a problem? 50M, 100M, >500M ?
… and Dore continues…
.. as the push continues to jab the youngest… with even some of the mainstream (such as BBC) effectively accepting its not justified. What could possibly go wrong?
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Another year… comes to a close, well, at least for yours truly. I wonder how the next one will go. If anything, I need to move home next spring/summer.
Goodnight from London
Yours… 48.999