Equities continued to lean on the weaker side, the SPX settling -25pts (0.4%) to 6370.
sp’weekly1b
Summary
SPX: as things are, we’re net lower for the week by -79pts (1.2%). Weekly momentum is weakening, prone to turning negative in mid September… when some are still vainly expecting a rate cut. Prime target are the 5800s… which would merit the term ‘correction’.
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Stock of the day
CBRL, daily
Cracker Barrel printed $50.27, settling -7.1% to $54.80, on monstrous vol’ of 4.7M. Whilst the stock settled above the 200dma, it should be net lower with the main market into late Sept’/Oct’
CBRL, monthly
L/t horror from the 2021 $145s to the recent $33s.
$40 looks pretty easy.
*I’ve not watched yet.
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Looking ahead
Friday has no econ-data scheduled.
Earnings: $BJ $GFI
Event: Powell – Jackson Hole, WY… which will clearly garner considerable coverage. We could expect a press release of the speech BEFORE the market opens. I’m not aware if there will be a Q/A, but there should be live coverage
> https://www.kansascityfed.org/research/jackson-hole-economic-symposium/
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Final note
I never hated shiny things. Even during the mid 80s, when Gold was $284… I always liked it. Silver clearly offers more percentage upside, but hey… why not own both?
I wish I had more time to play around with Grok
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The younger generation… who should be looking to get married, buy a house, and build a family, are instead grossly indebted, often living with their parents.
These people can’t afford shoes, underwear, makeup, or a simple visit to the dollar store. The l/t demographic implications are frightening, but few want to hear anything about it.
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*I’ve not watched, but independent chatter is usually better than the mainstream!
Goodnight from London
Yours… curious to see how Friday opens!