Month: April 2024

The weekend

It was a bearish end to a bearish week, the SPX settling -43pts (0.9%) to 4967, which made for a net weekly decline of -156pts (3.0%).

sp’weekly1b

Summary

SPX: a third consecutive net weekly decline. Weekly momentum is sustainably negative, and can be expected to be a restraint on ALL bounces into early May.

I’d note the lower bollinger at 4581, and that will soon climb to around 4700, where we also have the monthly 10MA, and the daily 200MA. Indeed… the 4700s appear a very valid target within the near term.

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*Special note: stockcharts has lengthened their time schedule on the EOD (end of day) charts for WTIC, Gold, and Silver. Its annoying, because if I wait to include them, it drags out my work day by another two hours… and frankly… no, I can’t have that.

I will however regularly highlight oil, gold, silver via X, and of course feel free to requests them here… whenever.
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Dear Subscriber

Some perspective…

With seven trading days remaining of April, the SPX is currently -287pts (5.5%). We have a provisional rollover in monthly momentum. Equity bears arguably also need a monthly close under the key 10MA (4707) to tout the m/t bullish trend as broken. I don’t expect that as of April 30th.
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re: Thursday night drama

If anything, Thursday night’s equity/commodity drama was a reminder that the US/global markets are very vulnerable to sporadic ‘spooky news’, not least from the middle east.

It would not be surprising to see something this weekend. Even if its quiet though, it should be clear… things are ‘broadly escalating’. Whilst that will offer some wildly profitable trading/investment opportunities, such geo-political fireworks are the stuff of nightmares.

Yours truly holds a large chunk of GLD (May CALLS), and two (overly big) blocks of USO (May CALLS). I especially need to lighten up in the latter next week.

My primary target is to get back onboard the silver train, and broadly ride it from a break >psy’$30, all the way to $40, which seems realistic across a period of perhaps just 3-7 weeks.

*I’ll likely cover gold, silver, oil, and related stocks on X, this Saturday evening. As ever… open to requests.

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Miscell things…

Ms. Cambone with guest Boockvar. Get a coffee or something first.

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The weekly wrap from Hunter. Again, I don’t agree with everything he says, but he does provide a pretty good summary of each week on planet Krazy.
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To Those Mocking Safe Havens

Some countries are certainly better than others, although its arguable that nowhere is ‘safe’ any more, as the WEF-UN, and WHO* push for complete control of the species.

*we didn’t forget that the WHO are set to gain powers over global health policy in May, did we? It should be clear they’ll push for mandated masks and shots. For those that don’t comply, they’ll want them locked out of the coming CBDC system.
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The ‘Samson option’ has been known for some decades. Israel has made it known to all western governments that if they don’t protect it, and if Israel falls, they will vapourise as many capital cities as they can.

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The Celente… who rightly highlights himself, having been the first to call for WTIC $130, a target that BofA are now seeking. Further… it IS going to be a golden yet for gold. He is FURIOUS about almost everything, but I can understand that sentiment.

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The weekend

Two days to rest and recover… isn’t going to be enough. Still another FIVE full weeks until the next three day (Memorial day) weekend of May 25-27th.

I’ve sideline entertainment via Rebel Moon Part 2, which should be pretty good. I’ve yet to finish the ‘Fallout’ TV show, its okay… as throwaway popcorn TV.

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 EDT @ https://tradingsunset.blogspot.com, and will detail six of the equity indexes.

re: X. Saturday… gold, silver, oil.  Sunday… a look ahead to earnings