It was a day of considerable minor chop, the SPX settling +0.1% to 3821. Meanwhile, WTIC settled +85cents (1.1%) to $76.23.
sp’weekly1b
WTIC daily
Summary
SPX: We’re net lower for the week by -30pts (0.8%). It won’t take much to turn things net higher… not least ahead of Christmas. M/t bearish unless >4100, and that doesn’t look likely. Weekly momentum is due to turn negative in early/mid January, which is when we should see increasingly powerful downside.
WTIC: the fifth day higher of seven. The s/t bulls could seek the 50dma in the $82s… soon 81s, before year end.
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Looking ahead
Wednesday will see Intl’ trade, consumer con’, existing home sales, EIA Pet’
Earnings: CCL, RAD, MU
Event: winter solstice, 4.48pm EST, and then the long path toward summer 2023.
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Final note
The latest mortality data from the UK…
Excess deaths of 6.2%, of which 2.8% are being linked to C19.
The death rate remains surprisingly low, even when considering that the ‘weaker part of the herd’ was killed off in 2020/21.
I read around, and I see hysterical talk from the usual suspects about the ‘excess deaths’, but really… the numbers are still a statistical rounding error. Whether that changes… only time will tell.
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Heyling and Weinstein on the C19 response.
It doesn’t matter whether you like Desantis or not. The issues raised are important.
*Ohh, and I’d keep in mind, the ‘Faucifiles’ are set to be released on Twitter, Wed’ Dec’28th. I’m particularly interested in whether Fauci – or any of his staff, directly ordered Twitter to silence/remove any of the big names… such as Malone.
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Ms Lilly on energy and power blackouts. For now… there have been none, as Jan/Feb’ will be the real test. Its more of a multi-year issue than anything.
Yours truly has a recently purchased 2Kw power pack (Ecoflow), its enough to run a few things, my desktop, a laptop, and a few of my freezers. I’d kinda like to pick up another battery or two by end 2023. Those don’t come cheap though, at $1800 or so.
With winter officially set to begin tomorrow afternoon, we’ve an interesting, if not ‘tough’ few months ahead.
Goodnight from London