The weekend

It was a bearish end to a bearish week, the SPX settling -33pts (0.8%) to 4348, which made for a net weekly decline of -61pts (1.4%). Meanwhile, WTIC settled -$0.35 (0.5%) to $69.16, which made for a net weekly decline of -$2.77 (3.8%).

sp’weekly1b

WTIC weekly

Summary

SPX: the first net weekly decline since early May. Weekly momentum ticked lower, but remains distinctly positive. Bears need to take out the 10MA (4229), and hold under it. That won’t be easy.

WTIC: the third net weekly decline of four, but broadly its a whole lot of chop since last December. Bullish >83. Bearish <63.

I see oil and the related energy stocks as the last thing to be short.
In fact, I’m increasingly inclined to pick up DVN, KMI, OXY, SLB, preferably with sp’4240/20, and oil around $64/63.
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Dear Subscriber

Some perspective…

With five trading days left of June/Q2/H1, the SPX is net higher by +168pts (4.0%) at 4348. I’d note the key 10MA at 4023, which we’re clearly going to settle the month above, as the m/t trend from Oct’2022 remains bullish. Monthly momentum remains negative, but it will be prone to turning positive in July.

From July onward, bears need to see a monthly close <4K to be decisive, and that looks difficult this side of Labor day.

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Miscell’ things…

Special note… I don’t expect you to agree with everything I post, especially in after hours. I’ve never been one to shy away from discussing contentious issues. What I do expect is that you question everything, whether its from CNN, FOX, Zerohedge.com or yours truly. If you can do that, you’ll be ahead of the curve.
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The Hendry on Bloomberg. Whilst he appears a fan of crypto, does he not realise the collective of global governments are in the process of banning all the trading platforms, and eventually… ‘independent’ crypto itself?  They are NOT going to allow any competition to their planned CBDCs.

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Regardless of the green/red flashing boxes, my primary geo-political concern remains an eventual escalation to nuclear war…

Neocons Pushing for Nuclear War NOW!

There is a clear and increasing push from the political class – across many western nations (not least the USA, UK, and Germany), for an all out war with Russia and/or China.

… and this afternoon…

Wagner are a key fighting force, and now the founder has turned on Putin.
This sort of instability is not a good thing!

The latest from the tactical guy…

I will be interested to hear his take on the Wagner news.

*I will highlight any important updates this weekend on Twitter.

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More from Armstrong…

UN’s Plan to Rule the World – The Summit for the Future & End of Individualism

… as the UN – in association with the psychopaths of the WEF, are pushing for complete control of the global populace. You could even argue its an attempt to ‘Borgify’ humanity, with the total removal of freedom.

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The following is one those things I ask myself ‘So… err… is this likely going to annoy any of my clients?’. On consideration, I’ll highlight it…

First, I don’t follow the ‘libs of tiktok’, but I saw this trending on Friday afternoon.

There is an increasing push back against the trans, and broader ‘woke’ movement. As a spectator to humanity, its a ‘curious’ thing to see, as Page is becoming the poster child for someone who has gone off the rails, seemingly tragically mired within a cult of psychosis.

Its been particularly fascinating to see the push back from the masses, as the woke lunatics recently went all-in with children. A number of companies – not least TGT and BUD, are slowing backing away from the woke-train, but the boycotts remain.

A few – better read than yours truly, have noted this pattern of societal breakdown, has been seen across the past few thousand years. For those that know their history… it rarely ends well, often with the original society completely imploding, taking centuries to recover, and morphing into something new.

I liked Ellen Page in Juno and Inception. I just hope they have at least one non-psychopath in their life. I’m guessing that isn’t the case though, and its difficult to see them having a long term future. If anything, it reminds me that Hollywood has destroyed many who went there with hope of a better future.

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The weekend

Another weekend is most welcome. I’ve sideline entertainment via Silo, Hoffman Family Gold, and maybe a movie.

I’ve some painting to finish, but if I do anything though, I still need to start searching for a new home.

As ever, feel free to message me via Disqus or email.

Sincerely, have a restful weekend, and goodnight from London

yours… Philip
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The weekend post will appear Sat’12pm EST @ https://tradingsunset.blogspot.com, and will detail six of the US equity indexes (weekly candle charts).