It was a typical day of Fed-induced swings in equity land, the SPX printing 4391, cooling to 4337, but recovering to settle +0.1% to 4372. Meanwhile, WTIC settled -$1.15 (1.7%) to $68.27.
sp’weekly1b
WTIC daily
Summary
SPX: as things are, we’re net higher for a FIFTH consecutive week, currently +73pts (1.7%) at 4372. I’d note the upper bollinger (4361) which we’re scraping against.
Weekly momentum is increasingly positive, and at the current rate, will remain positive until at least mid July.
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WTIC: oil cooled for the 5th day of 7. Momentum remains negative, as the recent $63s look a threat. I’d imagine the house of Saud is getting increasingly frustrated.
Q. Is the Biden regime starting to refill the SPR ? I’ve not heard anything, so I’m guessing no. S/t oil bulls could certainly use this kind of announcement to improve sentiment.
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Looking ahead
Thursday will see Weekly jobs, retail sales, Empire State manu’, Phil’ Fed manu’, Indust’ prod’, Busi’ invent’
Earnings: KR, JBL, WLY ADBE
Event: The ECB will raise rates.
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Final note
The day began with…
Thanks for that Cramer. You give me the very best of material each and every day. https://t.co/gvE1MzOEE8 pic.twitter.com/dfYqMZE5yg
— Philip Calrissian (@Trading_Sunset) June 14, 2023
As I’ve regularly highlighted, the real problems will likely begin when the yield curve un-inverts. Its not entirely surprising to see none other than the Cramer completely see things backwards.
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Listening to Erica and Rense last night, and Rense mentioned the above channel, which is indeed an astounding source of info’ detailing the tactical situation between Ukraine and Russia.
I have to imagine people on both sides are watching this, and using it as part of their overall decision making. Pretty incredible.
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As for today… I’m annoyed, for multiple reasons. Its not particularly market related though, mostly just related to my housing situation. My thin strand of hope was always a vain hope, and realistically, I see no future for myself… as I’m likely to remain stuck here in London until my dying day. I’m not going to pretend that isn’t my probable reality.
If there is anything I will continue to do… its to call it as I see it. Whether its about the market, myself, or more broadly… planet Krazy.
Goodnight from London