It was another red Thursday, the SPX cooling to 4340, and settling 14pts (0.3%) to 4360. Meanwhile, WTIC settled -$1.48 (2.0%) to $71.65.
sp’weekly1b
WTIC daily
Summary
sp: Most notable was that yesterday’s black daily candle played out. I remain s/t bearish, as the 4250/40s appear realistic next week, before resuming broadly upward into the 4400s. The 4500s appear viable by around Labor day.
wtic: a second day lower, with oil printing $71.49. I would note the 50dma in the mid $69s… which is a valid target within the near term. Whilst Gundlach isn’t bullish on commodities, yours truly is. Eventual price action >$77.00 will be decisive, and offer giant psy’ $100.
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Looking ahead
Friday will see Retail sales, consumer sent’, busi’ invent.
Earnings: KSU, SCHW, ERIC
Event: It will be OPEX, so expect considerable chop, on higher volume.
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PF chart of the day
Computer has lowered its PF target from the $24s to $22s. Its bold… but its just about possible next week.
I hold SLB, looking to add. Seeking to buy back OXY and RIG, both of which should fall another 5-10%. As Pete would say… it would make for an ‘opportunity’.
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Final note
Moderna is pushing hard…
As I’ve said many times over the last few years, I am very bullish biotech. I just won’t use anything where there is no longitudinal data.
I’m guessing Moderna will be pushing hard against the FDA to get flu treatments fast tracked. Further, we can be sure the company will be trying to influence the political class to make HIV and cancer vaccines mandatory. I mean.. why would anyone NOT expect a company to push for it?
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Just after the bell, Aunt Janet put on her Doctor’s cape, and was whining about the ‘low’ vaccination rates.
Its outrageous that the head of the US Treasury is acting as a Doctor, although perhaps less arrogant than Powell responding to questions on ‘climate change’.
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This afternoon saw Google/Youtube censoring the Arizona state hearing on the election audit. Its a dark sign as the media are almost entirely left leaning, and gods forbid if anyone questions ANYTHING!
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I will be glad for the weekend.
Goodnight from London