US equities began the week on a broadly weak note, SPX -60pts (0.8%) to 7515.
sp’weekly1b
Summary
SPX: a weak start to the week, if nothing of any real significance. Weekly momentum continues to weaken, and prone to turning negative by Monday, July 27th… just before the FOMC. Its an interesting setup, although I don’t expect a rate hike until Sept’.
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Miscell chart’
WTIC, weekly
WTIC printed $78.50, which is a pretty strong bounce from the $67s.
Weekly momentum leveled out last week, and is starting to tick back upward. At the current rate… it will turn positive by mid August.
WTIC, PF
Computer has a bullish target of the $92s.
That doesn’t look easy, with big resistance 81/84.
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Looking ahead
Tuesday will see CPI, consensus:
Headline y/y: 3.8% vs 4.2% prior
Core y/y: 2.9% vs 2.9% prior
Earnings: It will be the formal start of Q2 earnings season… $JPM $BAC $C $GS $WFC $FAST $ERIC $ANGO $DNBBY $AEHR $EQBK $PXED $KMTS $LOOP
Event: Warsh – House Fin’ committee, which will likely span 10am>1pm
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Final note
The Gammon is usually worth your time.
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The car market is a nightmare, as many can’t even afford a used car.
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More good work by Gamers Nexus on the cartel.
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SpaceX (SPCX) printed the $136s today, a new historic low, just $1 above the IPO $135s. I feel pretty secure in calling for a ‘brief foray sub $100’, between now and the midterms.
Regardless of that, the following video has just appeared, and should interest some of you. Starship test’13 is scheduled for Thursday, although that could easily slip for a million reasons.
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Ms. Lilly of Austria, on the dystopian EU, which wants to scan every message, picture, and video in real time… for ‘your safety’ of course.
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“This job would be great, if it wasn’t for the fuckin’ customers”.
– Clerks (1994)
Personally, I’ve not done front line customer service in about a thousand years. In actuality, I quit shortly after 9/11. With the hysteria of 2001 and the mass psychosis of 2020-22, I think I’d rather throw myself in front of an express train than do that again… even part time.
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The Carlson… deep down the rabbit hole.
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Something very different…
The wondrous Shiey in Macedonia
… and
… in Armenia. For those of you that want to be inspired, both are HIGHLY recommended.
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Another day, another year
Today I hit 53, which is a pretty disturbingly high number.
Whilst I’m not dead yet, it remains a horror show.
My self-created job is something I like, but the hours are long, and the income just isn’t good, as few care about the market, when its broadly rising.
My existence remains a struggle, as I live in a city of utterly dumb, indebted, vaxxed-sheep, most of whom are morally bereft maniacs. A literal rape capital of the western world, where no one is safe. A city where two thirds are foreign, who don’t share my values, don’t look like me, and they sure as hell don’t speak my language.
The only issue from my perspective, do I manage to escape before it gets even worse? Before a bond default, currency collapse, and hyper-inflation, direct war with Russia, or before the religious zealots declare London an Islamic city state? Maybe all of which will occur within the same time frame… if not for another handful of years.
There is no future here for me, but then… there never was.
I hold a vain hope to escape before year end.
If you told me, I could trade a ‘quarter century of my remaining life’ for ‘one good year’, I’d take that offer, and be content not to reach 54.
Goodnight from London
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The drop in the South Korean market merits your attention!