Equities saw a naturally choppy quad-opex, the SPX settling -13pts (0.2%) to 5967, which made for a net weekly decline of -9pts (0.15%). WTIC settled -84cents (1.1%) to $74.03, which made for a net weekly gain of +$1.05 (1.4%).
sp’weekly1b
WTIC, weekly
Summary
SPX: a second consecutive net weekly decline… but price action is pretty tight. Bulls can argue its just consolidation. Bears could argue its a topping pattern.
I lean net bullish into August.
The wild card is Israel/Iran.
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WTIC: oil climbed for the fifth week of seven… printing $77.58, the highest since early January. Weekly RSI 60… is not remotely overbought. A break >$80 would offer a hyper spike to giant psy’ $100, as looks an EXTREME threat within the near term.
I wonder how many are short oil, on the vain hope that things will calm down?
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Dear Subscriber
Some perspective…
With six trading days left of June/Q2/H1, the SPX is currently +56pts (0.9%) at 5967. Monthly momentum remains marginally negative. As things are, we’re set for a second monthly settlement above the monthly 10MA.
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Miscell’ things
*I’ll be prone to adding some extra things late Friday/early Saturday. So… maybe check back at least once this weekend.
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Chatter from Lin, with guest Jim Bianco.
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Gold chatter
Gold has been stuck for a few months, but remains mid/long term bullish.
No concerns unless <10MA, $2900 to be decisive, and there is zero reason to expect that any time soon.
… and as for silver…
A recent new multi-decade high of $37.30, but that is still a long way below the 2011 $49s. The cautious will favour gold, which would better capture a geo-political ‘fear bid’, and be more resilient than silver, if the main market gets the smack down.
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… more gold chatter. The ‘really smart’ money moved to gold some years ago.
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Lin with guest Hanke
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I don’t agree… the Fed should NOT be cutting rates. Placating the indebted sheep and the US Govt’, would only encourage them to borrow even more!
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‘We are experiencing a drastic shift away from public confidence worldwide, and that is causing capital to lose confidence in governments that are already deeply indebted.’ – Armstrong
Confidence is indeed collapsing, although I’d still argue the USA is the place for capital to flee to.
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The weekly wrap on geo-politics is HIGHLY recommended.
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Top tier geo-political chatter from the good Professor.
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The Carlson and Caldwell
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The Celente… who has been warning about Israel/Iran and oil, for some considerable time.
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Lets end on a positive note…
Thorium is the future…
… with a follow up post…
How long until some of the baby-nuke companies – NNE, OKLO, or SMR, start mentioning Thorium ?
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The weekend
Two days to rest and recover… won’t be enough. I’ve sideline entertainment from Gold Rush: Whitewater, Gold Rush: Mine Rescue, and I really should resume the remaining two episodes of Better Call Saul…
It really was the ‘Better Call Saul and Mike’ show, and for that, I shall forever remain thankful.
As ever, feel free to message me via X, 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 US equity indexes (weekly candle charts)