Equities began the week on a weak note, but all the bears could manage was sp’4918, before recovering to settle -0.3% to 4942. Meanwhile, WTIC settled +50cents (0.7%) to $72.78.
sp’weekly1b
WTIC daily
Summary
SPX: last week’s break above upper channel/trend I see as significant. I can’t take ANY cooling seriously, unless we break and hold under the weekly 10MA (4796), and that doesn’t appear realistic any time soon. Upper weekly bollinger has climbed to 5078.
WTIC: oil printed $71.41, if recovering to settle at $72.78. Oil bulls should continue to seek a break AND hold >$78.
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Looking ahead
Tuesday has no econ-data due.
Earnings: LLY, SPOT, FL, HTZ, BP, TM, SPR, CMI, AME, SNAP, ENPH, F, CMG, ELF, FTNT, VFC, AMGN, EW, GILD
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Final note
Not so much 60 minutes of Powell, as 13… and that concludes some intercut editorial chatter.
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"Integrity is priceless, and at the end thats all you have… we plan on keeping ours" – Powell, #60Minutes
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… says the guy who created trillions of new money, saw inflation as transitory, and didn't expect the regional bank failures. #everythingisfine #FederalReserve pic.twitter.com/u9mkRjXM4j— Philip Calrissian (@Trading_Sunset) February 5, 2024
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Yours truly remembers.
Powell's 'Integrity' moment might become equally infamous. https://t.co/zAf5f97NSR— Philip Calrissian (@Trading_Sunset) February 5, 2024
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The mainstream are now expecting rate cut’1… May 1st or June 12th. After last Friday’s jobs data, I’m somewhat inclined to June. Regardless… such a rate cut is an inherently bearish signal for equities.
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Denniger annoys me considerably at times, for reasons I won’t go into.
However, I did watch this last night. His points are valid… as big pharma’ pushes weight loss drugs, whilst almost no one suggests people to eat a better diet, and be more active.
… and that reminds me of…
Arguably the most horrifying chart you'll see this week. But hey… the mainstream media will keep playing the #everythingisfine game until a few moments before the music stops.
Ohh, this is bullish #BigPharma $PFE $MRNA yes? https://t.co/TCXk7LFSfH
— Philip Calrissian (@Trading_Sunset) February 5, 2024
You could argue its partly due to the obsession with labeling people with ‘problems’. On any basis though, it is supportive to my core notion of a western populace that are worse with each day, month, and year.
Its building up to something massive.
Some of the ‘elements’ on the path are absolutely clear to me, not least a total regulation of EVERY individual’s diet, something the psychopaths of the WEF-UN-WHO are pushing for. CBDCs would clearly help force such a regime on the populace.
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*I’ve not watched this yet. Might be interesting.
Goodnight from London