It was a mixed day, the SPX printing a new historic high of 4393, but settling +5pts (0.1%) to 4374. Meanwhile, WTIC settled -$2.12 (2.8%) to $73.13.
sp’weekly1b
WTIC daily
Summary
sp: With a new hist’ high of 4393, it was a net bullish day. I’d note the weekly 10MA at 4255, which remains within prime retrace target zone of the 4250/40s. The latter is not realistic this side of OPEX.
wtic: oil struggled across the day, printing $72.21. S/t vulnerable to psy’ $70/69… where the 50dma is.
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Looking ahead
Thursday will see Weekly jobs, Import/export prices, Phil’ fed, Empire state’, Indust’ prod’.
Earnings: TSM, UNH, MS, USB, BNY, AOUT, AA
Event: Powell is due before the US Senators, around 9.30am
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PF chart of the day
The computer is holding to the $24s.
SLB, daily
I would note the 200dma in the $25s, which seems realistic next week. I hold, looking to add, and also pick back up OXY and RIG. Its all arguably just a cooling wave from early June.
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Final note
It was Bastille day…
I’m honestly not sure what those protesting in the above video are saying. The video I believe is from today.
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Whilst the UK Govt’ are dropping all the restrictions July 19th, London’s tier’1 garbage Mayor is over-ruling them.
You will never find a more arrogant, fascist, and religious bigot than Khan. Yet… he was duly elected, and you could say… the London populace got the Mayor they deserve.
History will see him for what he is doing, but as ever… it can take years, sometimes decades for a psychologically sick society to accept what reality is, rather than what they’d like to believe it is.
A Twitter follower kindly forwarded…
Its worth a browse, not least on the issue of ‘long covid’, with some people (notably… Jimmy Dore!) directly suffering severe problems (and currently recovering, partly via Ivermectin) as a result of being vaccinated (Moderna).
It remains the case that we just don’t have any longitudinal data yet. I don’t know how this will play out, you don’t know it, and neither do Pfizer or Moderna know.
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I came across the following last evening, a guy in Ireland, driving along, and giving a magnificent account of what has happened, what is, and what is likely to come. I can’t recommend it enough.
Seriously, get a tea, coffee, or something stronger, and listen…
If video does not play… see: Irish Guy video
There are very few calling the societal madness for what it is. The guy is a gods damn hero just for saying it out loud, never mind publishing it online.
I was inspired by hearing him. Maybe you will too.
Goodnight from London