US equities began the week with an upside reversal, the SPX swinging from an early low of 5773, to settle +9pts (0.2%) to 5836.
sp’weekly1b
Summary
SPX: First… last week’s bearish engulfing weekly candle did play out… as we broke a new s/t low. It does appear though that 5773 is as low as the bears will manage this week.
Weekly momentum is the lowest since Oct’ of 2023! All things considered, I lean net bullish into OPEX/long weekend, and further net upside into end month.
I’d note the upper weekly bollinger is offering a new hist’ high at 6165, as the 6200s look feasible within February.
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Looking ahead
Tuesday will see PPI, NFIB optimism, Fed beige book (2pm)
Earnings: $APLD $CVGW $KARO
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Final note
Geo-pol chatter
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… more geo-pol chatter
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Lin with guest Lepard on Bitcoin.
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Ms. Cambone with guest Ms. Booth.
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The holy trinity, or rather… quartet
Today was rather good, not least for CLF and OXY. INTC is still struggling, if holding key support of the $18s. New addition SMR is a somewhat bolder play, but the mid $18s are pretty good, relative to late Nov’ when it maxed out in the $32s.
I’ll sleep okay with all four. Broadly, I’d be fine to hold all four for some months, but I’ll probably trade in/out of them, and hope to buy back on sporadic cooling waves.
I really need to watch more Breaking Bad. Probably 5×07 tonight.
With ten to go… I’m more nervous about how BB will end, than holding three blocks of Intel stock.
Goodnight from London