It was another bearish day in equity land, the SPX printing a new cycle low of 5528, and settling -0.8% to 5572.
sp’weekly1b
Summary
SPX: … another day, another new cycle low. A more natural floor will be from around 5400…
Some grander perspective…
Monthly momentum is close to turning negative, as 5100/5000 appears probable, if not 4500. First though… an ideal s/t floor from around 5400, and a bounce to back test the intersecting 200 and 50dma…. the 5700s in early/mid April.
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Looking ahead
Wednesday will see CPI, consensus:
Headline y/y: 2.9% vs 3.0% prior
Core y/y: 3.2% vs 3.3% prior
Other data: EIA Pet’, US T-budget
Earnings: $ZIM $ARCO $IRBT $MX $MANR $AMRN $ONDS $CXM $EH $MOMO $VRA $ADBE $PATH $S $CCI $AEO $PHR $AEYE $ECOR $TLYS $ARMN
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Final note
Even if the main market sees broad downside into the summer/fall, I would still be bullish uranium, and especially SMR, OKLO, NNE, and LEU into the next decade.
Trump is right to declare an ‘energy emergency’, as power demands are set to double. Onsite baby nuke plants are the way to go.
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Whilst Trump is pushing for peace, the Europeans are ever more blood thirsty, not least within the failed state of Poland. Its to be considered a dangerous country, and absolutely on the ‘do not visit’ list.
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Geo-political chatter, with Napolitano in Russia.
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Ohh yeah, I recognise the guy on the left, its Walter’s weapons guy!
Goodnight from London