With a significant drop in the rate of inflation, the SPX printed a new cycle high of 4488, settling +0.7% to 4472. Meanwhile, WTIC settled +$0.92 (1.2%) to $75.75.
sp’weekly1b
WTIC daily
Summary
SPX: as things are, we’re net higher for the week by +73pts (1.7%). Weekly momentum is flat-lining on the high side, set to remain net positive until (at least) early August.
WTIC: oil climbed for the 8th day of 10, printing $76.15, the highest since early May. Note the 200dma in the $77s. Any price action >$78 would be decisive, and offer a grander run to psy’$100. If correct, massive bullish implications for the related energy stocks, not least OXY, SLB, DVN, and the more speculative RIG.
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Looking ahead
Thursday will see PPI, Weekly jobs, US T-budget
Earnings: DAL, PEP, CAG, FAST
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Final note
Makori (who has been annoying me in recent videos) with Checkan, who is right to warn about FedNow, for what is a subtle step toward a CBDC.
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For those with a serious interest in the macro, Mr Long is always recommended. Get a coffee or something.
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Goodnight from London
Yours… needing a good movie to forget about the past, present, and whatever future I might have left.