It was just another day for the equity bulls, the SPX printing a new hist’ high of 5590, if cooling back to settle +0.1% to 5576.
sp’weekly1b
Summary
SPX: whilst price action is mostly considerable minor chop, the market is still leaning on the upward side. Weekly momentum is moderately positive, and should help restrain any down waves into (at least) early August.
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Looking ahead
Wednesday will see Wholesale invent’, EIA Pet’
Earnings: $THTX $MANU $WDFC $PSMT $AZZ $ETWO
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Final note
Such cuts seem extremely unlikely… unless an ‘event’.
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Commodity/mining chatter.
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… as the central banks are still broadly buying gold.
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… with Deere moving one of its factories to Mexico. Not great.
DE, monthly
Currently lower for the third month of four, -6.6% in the $348s.
The computer has a bearish target of $313.
As ever, I’d be more focused on direction than precise target.
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The Judge with Crooke, as the UK’s Lancet believes that 186,000 have died in Gaza. Few want to hear it of course, with many playing the ‘ohh, thats anti-semitic’ card.
The reality is that its a genocide, an ethnic cleansing.
I’m not aware of how many even remain in Gaza, of the original 2.1M (or so).
If ‘universal justice’ exist, then the Israel regime are facing a problem, whether that is this year, or further out, it’ll make no difference.
I’d note the chatter on an Iranian nuke ‘within weeks’, although I’ve heard such things before. What should be clear… the ‘middle east situation’ is going to escalate at some point. Good luck… especially to those margin-short oil!
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The lawsuits continue to be issued
A subscriber kindly forwarded this to me…
For those with the time, I’d suggest at least lightly browsing through some of it. All the issues raised are valid, how a judge might view it.. is clearly another matter.
We’ve a broadly ‘shot’ populace, with the excess death rate typically 10% in many western nations. I will continue to wonder about the l/t implications, I don’t know, but then neither does Pfizer, Moderna, Fauci, or anyone else.
Pfizer’s Chief Scientific Officer quit today. You could certainly argue its a case of a rat bailing the ship, before the lawyers come aboard.
Pfizer is l/t horror from the Dec’2021 $55s. The monthly cyclical setup favours the bulls, but I can think of a few hundred stocks I’d sleep more comfortably with.
Goodnight from London