The SPX printed a new cycle high of 4322, if cooling back to settle +0.1% to 4298, which made for a net weekly gain of +16pts (0.4%). Meanwhile, WTIC settled -$1.12 (1.6%) to $70.17, which made for a net weekly decline of $1.57 (2.2%).
sp’weekly1b
WTIC weekly
Summary
SPX: a fourth consecutive net weekly gain. Today’s new cycle high of 4322 was marginally above the upper weekly bollinger. Weekly momentum ticked upward, and is on the high side… but with ZERO sign of a ceiling/turn.
I’d note the 61.8% fib’ of 4818>3491 – 4311, has been exceeded. Next resistance is the Aug’2022 high of 4325, as seems realistic next Wednesday afternoon, before an equally probable downside reversal.
WTIC: the sixth weekly decline of the past eight weeks. Broadly… its been a chop fest since last December. There was talk today from Goldman, that the house of Saud wants to see the $90s.
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Miscell’ things
Special note to the ‘new people’.
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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I noticed this via Denniger in early morning…
Elliot Page has revealed to the Los Angeles Times that she realised she was 'transgender' when she started hearing and then talking to a voice in her head, following a psychotic episode of self-harm. Days later a doctor gave approval for her breasts to be removed pic.twitter.com/yxIa7cSwya
— ripx4nutmeg (@ripx4nutmeg) June 8, 2023
I really liked Ellen Page in Juno, Hard Candy, and Inception. Great actress… but one who went completely off the rails. Hollywood sure does have a negative effect on so many young people.
With a book release, the details are coming out, and its a pretty disturbing story. Within just a month of ‘hearing voices’, an appt’ was booked to have surgery.
In any sane world, Page would have had either six months of therapy to ‘discuss things’, or even an involuntary spell within a psyche ward. I’m rarely a supporter of the latter, but still… some belong there, if briefly.
Instead Page duly had ‘top surgery’, with the ‘woke community’ expecting, or rather demanding, everyone to play along with her choice to pretend to be a guy.
To be clear… I’m a true libertarian, and if someone wants to play the ‘I want to pretend to be another gender game’, fine. Its not of my concern, or yours.
Yet.. here we are, and those not ‘playing along’ to the ‘games’ are facing a backlash, being fired, fines, or even jail for ‘hate speech’.
Then we have Target, a company entirely in bed with the woke and ESG movements.
Babylon Bee continues to call them out, and its a rather wondrous little sketch, that appears to have been filmed (no doubt… without approval) within a Target.
… and just today…
Due to recent events, we have removed the “NICKMERCS Operator” bundle from the Modern Warfare II and Warzone store. We are focused on celebrating PRIDE with our employees and our community.
— Call of Duty (@CallofDuty) June 9, 2023
Activision-Blizzard booted off one of their key gamers & partners for daring to suggest the woke crowd ‘leave children alone’. As some noted, it seems ATVI wants to the next Anheuser-Busch (BUD).
I was going to highlight the following at the time (May 23rd)… but refrained. I will today though…
There is a horrifying push to normalise child sexual abuse, from the UN – in association with the WEF. How long until the ‘MAPs’ (minor attracted persons) become one of the ‘protected classes’?
Feel free to see this push as the work of the devil, or just a bunch of blood thirsty psychopaths… but the push is REAL, as planet Krazy never fails to stun.
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The Dore on… Aliens and UFOs.
The ultimate issue is… if ‘they’ have an FTL (Faster Than Light) or some kind of Dimensional ‘Jump Drive’, their tech is so far advanced, we are likely seen as nothing but ants on the proverbial hill, to any off-world species.
For the record, I’m inclined to believe it.
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The issue of ‘climate lockdowns’ isn’t to be dismissed lightly.
It should be clear… they will soon be pushing for permanent limitations on both domestic and international travel. Everyone will be given a ‘carbon credits’ allowance. If you want to travel more than your allowance, you’ll have to buy extra credits… via your CBDC account.
There is ZERO reason not to expect this by the early 2030s.
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Always good conversation from Heying and Weinstein, as the Atlantic is too afraid to say ‘experimental’, and instead sees the ongoing C19 shot program as in a ‘beta testing stage’.
Fortunately, the internetz doesn’t forget what the mainstream media hacks have said, and actively pushed across the past three years. All those involved should be praying each night that the excess death rate doesn’t accelerate much above 30%.
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*I’ve not watched this yet, but it might be of interest to some of you, as the liquidity drain – via T-bond issuance and ongoing QT, will likely be an issue this summer. I’m not sure what tricks the Fed could pull, other than no more rate hikes… or an outright cut.
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The Celente… even more angry than last week.
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The weekend
I’ve sideline entertainment via ‘Silo’ (highly recommended), and maybe a movie. I’ve a truck load of personal projects… not least the search 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 (monthly candles charts).
I’ll endeavour to cover some things on Twitter, not least bonds/yields.