Month: June 2023

Looking ahead

Equities began the week on a broadly positive note, the SPX settling +0.9% to 4338. Meanwhile, WTIC settled -$3.05 (4.3%) to $67.12.

sp’weekly1b

WTIC daily

Summary

SPX: with a new multi-month high of 4340, its already to be seen as a net bullish week. Things only turn interesting for the bears if we can settle under last week’s open of 4282. Momentum is still ticking upward, offering no sign of a ceiling/turn.

WTIC: oil slid for the fourth day of five, printing $66.80, the lowest since May 4th. Today’s price action is especially lousy relative to the positive main market. With daily momentum having turned negative, s/t bearish oil, and the related energy stocks… not that I’d be short either!

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Looking ahead

Tuesday will see the latest CPI… consensus:
Headline y/y: 4.1% vs 4.9% prior
Core y/y: 5.3% vs 5.5% prior.

Earnings: none.

Event…


It merits as an ‘event’… as the US political freakshow continues.

*not sure if some of you noticed, but ex UK leader Johnson resigned his ‘seat’, as he is completely exiting the political scene. Then we have Scottish politician Sturgeon, who was arrested on ‘party financing’ issues.

The corruption, the idiocy… is reflective of the populace.
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Final note

For regular readers of Denniger, you can still see a guy that wants to have hope. His view is understandably skewed as he has a daughter.
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For those with an interest in the macro, Mr Long is highly recommended.

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Always good chatter from Heying and Weinstein, as the FDA are warning people to avoid the sun. Ohh yeah… we don’t want to people to stop being Vitamin D deficient, do we?

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There was a time when I’d never post anything that might identify who I am, or where I live. The fact is, my stalkers/slashers already know where I am.

Goodnight from London