US equities open on a positive note, partly technical, but partly on the ADP jobs data, which is being seen as ‘bad news is good news’. Energy is very mixed, WTIC printed $86.66, whilst Natgas $3.05.
sp’60min
VIX’60min
Summary
The ‘bad news is good news’ especially riles me up. Its a sign of the underlying corruption and immorality within the financial system, but also the society/species.
All the Cramer et al want is a return to ZIRP and QE, to blow another asset bubble. The problem is inflation. With govt’ spending as it is, I expect a secondary wave in inflation into/across 2024.
The only hope for Cramer and his pals is if the Fed quit fighting inflation, raising the target to 4%, or even higher.
Anyway… equities appear prone to claw upward across the next 3-5 days.
The more cautious bears will merely sit back and watch.
The smarter bulls will use any upside as an exit opportunity.
I have to expect SPX 4000 within 2-5 weeks.
If ‘something bad happens’, then 3600/3500 is a valid target.
Yours… sidelines… but not forever.
–
notable stock: AAPL
Keybanc, overweight>sector-weight, removes p/t of $200
The fact its already turned green… is a very positive sign for the s/t bulls.
Momentum due to turn positive.
–
notable weakness: OXY
OPEC+ held an online meeting, and decided to maintain supply.
WTIC printed the $86s.
—
notable strength: INTC
The plan to spin off a division, but that is some 2-3 yrs away.
—
notable miner: LAC
Lithium Americas has split into two. The other half ‘Lithium Argentina’ (LAAC) should start trading sometime today. The concern to prospective buyers should be the main market into 2024.