It was a day of considerable weak leaning chop in equity land, the SPX printing 3969, if recovering to settle +0.1% to 3992. Meanwhile, WTIC settled -92cents (1.2%) to $76.66.
sp’weekly1b
WTIC daily
Summary
SPX: rather tedious midweek chop… especially relative to Tuesday’s downside. Weekly momentum continues to weaken. Bears can still tout multi-week structure is a bear flag… although I lean s/t bullish, if only 2-3 days.
I’m open to as high as 4130/40, and whilst that does look a stretch, so did the 4070s last Thursday morning!
As someone who wants to re-short, I’m hoping for as high as possible… to make for a more comfortable entry! Anything >4078 would arguably be great.
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WTIC: oil cooled for a second day, not helped by the shaky main market. The latter will likely be a problem into/across the spring.
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Looking ahead
Thursday will see the usual weekly jobs
Earnings: JD, BJ, PSFE, ULTA, DOCU, GPS, ORCL, WPM, REI, MTN
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Final note
Whilst I like Gold, Silver, and the related miners, I still see them as very vulnerable in the near term.
Sure… I could accept Silver might be $200/250 within a handful of years, but right now… if the main market gets whacked, silver (and the related miners) will not be able to escape the carnage.
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'A substantial percentage of applicants, approaching half, who were current students could not write a basic business letter using the English language or perform basic four-function arithmetic '
The Denniger. @tickerguy https://t.co/xXdTX3ZkPm
— Philip Calrissian (@Trading_Sunset) March 8, 2023
College/University is indeed over-rated.
*My degree was in Psychology (marginally less ‘wishy-washy’ than sociology!).
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"Worth waiting for"
– Ice Cold in Alex (1958)
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Harry Andrews, Anthony Quayle, Sylvia Syms, and John Mills. Sylvia, the last of the quartet, died in January.Its a sobering thought that most of those within movies of the 1950s, are no longer alive. pic.twitter.com/4IeysTTQuC
— Philip Calrissian (@Trading_Sunset) March 8, 2023
I must have seen Ice Cold in Alex close to a hundred times. With Sylvia dying in January, there is no one left alive from that movie. They’re all gone, even the bartender (I checked via IMDB). It was indeed a sobering reminder of my limited time on planet Krazy.
Goodnight from London