It was a net bullish day in equity land, the SPX printing a new hist’ high of 6555, settling +0.3% to 6532.
sp’weekly1b
Summary
SPX: as things are, we’re net higher for the week by +50pts (0.8%). Weekly momentum is STILL weakening, prone to turning negative by end Sept’. A break <6350 would be decisive, and offer 6K by mid Oct’.
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Stock of the day
JOBY, daily
JOBY opened powerfully higher on news that it is partnering with UBER for air taxi rides. Yes, its very early days, but its another positive sign of the grander trend.
S/t vulnerable with the main market into October… but l/t bullish.
Coruscant… one giant city-planet, with MILLIONS of air taxis.
Yes, I’d accept… that’d be a nightmare to many!
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Looking ahead
Thursday will see CPI, consensus:
Headline y/y: 2.9% vs 2.7% prior
Core y/y: 3.1% vs 3.1% prior
Other data: weekly jobs, US T-budget
Earnings: $KR $LOVE $KALV $VRA $HOFT $ADBE $FARM $RFIL $KMTS
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Final note
*I’ve not watched.
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More bullish silver chatter.
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If you’re a fan of Armstrong… then get a tea, coffee, or something stronger.
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Stagflation should be the concern, which the UK has been enduring since early 2022.
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If anything, I’d suggest… minimise your news intake this evening.
Go watch a movie.
Goodnight from London