Equities powered upward on Powell, the SPX settling +96pts (1.5%) to 6466, which made for a net weekly gain of +17pts (0.3%).
sp’weekly1b
Summary
SPX: recovering from a Wed’ low of 6343 to settle at 6466. This week’s candle is a bullish engulfing hammer, and offers the 6500s next week. Weekly momentum still weakened a little more, and will be especially prone to turning negative once we’re past the Sept’17th FOMC.
To be clear.. s/t bullish into Labor day, chop ahead of the Fed, and then a ‘sell the rate cut’ news.
—
Dear Subscriber
Some perspective…
With five trading days left of August, the SPX is currently +127pts (2.0%) at 6466, having recently printed a new hist’ high of 6481. M/t bullish… unless a monthly settlement below the key 10MA, currently 6001.
–
The shopping list for October
Target prices (primary/secondary)
Nuclear: SMR (25/20), OKLO (45/40), NNE (20/19), LEU (150/120s)
Space: RKLB (25), KRMN (38), ASTS (31/29)
Drones: AVAV (200). KTOS (50/47), RCAT (5/4)
Air taxis: JOBY (11/10), ACHR (7/6), EVTL (4)
Miners: MP (40), FCX (32/27), AEM (106/100), NEM (52/50), B (19/18), CCJ (56), PAAS (21/20)
Miscell techs: QS (5/4), QBTS (11/10), AUR (4/3)
Blue chips: AMD (125/120), NVDA (150), INTC (20/19), PLTR (125/100)
Industrials: TSLA (265), CLF (7/6)
Retail: AEO (10/9), DECK (70)
Trans: UAL (60/55), UPS (75)
Health: UNH (250/225), NVO (35/30), LLY (550/500)
SLV CALLS (Jan’2027, $50 strike, $100 per cont’), with Silver 34/33
Crypto: XRP ($2.00/1.75)
Crypto stocks: BMRN (25/15)
–
My top five?
The bold: MP, JOBY, SMR, SLV, XRP
The cautious: AEM, AVAV, LEU, INTC, TSLA
–
Miscell’ things
*I will be inclined to add some extra things (as they appear) late Friday/Sat’, so check back at least once this weekend.
–
Have to be l/t bullish gold, and more so… silver.
–
Independent chatter on housing, and other things.
–
Ms. Cambone with the Celente. First… get some popcorn, and/or ear plugs.
–
Something different from Armstrong, but its rather important.
–
The weekly wrap on geo-politics is highly recommended.
–
AI should be a concern, as tens of millions in north America and Europe are going to lose their job/career. Some believe this will largely play out within the next 2-3 years, although I’m rather skeptical of that.
–
The weekend
Two days to… work… I guess. There shall be no off days ever again. Its either that… or I lose my home, which would be the ‘end of line’ for yours truly.
On the plus side, I guess I’ll be able to afford all the popcorn I need, as the ‘big show’ continues. If anything, I want good snacks & drinks, as western society continues to dissolve.
I should try to watch at least something, maybe Wednesday, or a movie… ‘Superman’? I would highly recommend ‘Eddington’, and ‘Alien: Earth’.
As ever, feel free to message me via X, Disqus or email.
Sincerely, have a restful weekend, and goodnight from London
yours… Philip
—
The weekend post will appear Sat’ 12pm EDT @ https://tradingsunset.blogspot.com, and will detail six of the US equity indexes.
X: I should take it light, as I’ve other work to be doing.