Equities ended the week on a broadly weak note, the SPX settling -34pts (0.8%) to 4458, which made for a net weekly decline of -76pts (1.7%). Meanwhile, WTIC settled +$1.58 (2.3%) to $69.72, which made for a net weekly gain of +$0.43 (0.6%).
sp’weekly1b
WTIC weekly
Summary
SPX: It was a short four day trading week, and all four days saw net daily declines, making for a rather significant net weekly decline. Momentum settled on the marginally negative side. I’d note the 10MA at 4435, which is a prime area to look for a reversal, next Mon/Tuesday.
WTIC: oil saw a third consecutive net weekly gain, printing $69.96, notably stuck under psy’ $70, and the weekly 10MA. Momentum subtly ticked higher, and remains on the lower side. A push above psy’ $70 appears far more probable than a break under the recent $61s.
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Dear Subscriber
Well, it wasn’t a pretty end to the week in equity land, but lets keep things in perspective. The Nasdaq comp’ broke a new historic high on Tuesday, and the SPX has choppily cooled from last week’s historic high.
I can only imagine the truck load of posts across the blogosphere this weekend, proclaiming ‘here it comes!’, ‘crash alert’, or some other such debased nonsense. Having seen the usual suspects tout a correction since way below sp’4K, its beyond laughable, its just… pathetic.
The market remains m/t very strong. We’re back at the stage where if the market isn’t breaking a new historic high almost every single day, or at least once a week, many become worried of an impending crash.
I have to expect renewed upside, not least in anything commodity related, as Mr Inflation is set to build into/across the autumn.
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C19 chatter
For Twitter, it was just another day of paid propaganda…
I especially like the use of ‘most’. For those that are injured or die, the majority simply don’t give a damn, although that is really just an inherent trait of the society/species.
Whilst Ivermectin isn’t currently authorised by the FDA to treat C19, there are plenty of good studies that support its use. The fact we’ve seen outrageously false stories to slate anyone supportive of this drug, is indicative of how psychotic the majority have become.
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So… the Biden admin’ has decided to tighten the vice some more. Whilst I’d imagine the lawyers will be ready to counter, I don’t have any hope the latest mandates will be stopped.
Lets be clear… a great many of the populace support such measures. They are increasingly enraged at the unvaxxed-resistance, and want them to do as the majority have now done.
It took just a year and half to go from ‘two weeks to flatten the curve’, to vaccine ‘papers please’ passports, with mandates onto private employers via OSHA. I’m sure you can imagine some of the measures that lay ahead within 2022.
The only issue is arguably how many will get ‘treated’, before the ‘big bad’ happens, as seems mathematically inevitable.
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Denniger’s take…
http://market-ticker.org/akcs-www?post=243538
As ever, Karl ends on a hopeful note, but that view makes no sense. There is simply no sign the American populace will actively push back. Further, the longer and tighter the restrictions, the average person becomes psychologically more broken, and less able to resist.
*the comments are worth reading, and you might find me in there.
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The following is highly recommended…
*the video is somewhat mis-edited, and it starts with a cut scene from a special hearing of a Jewish council, but I strongly suggest you give it your time!
Dr Zalenko has apparently helped save thousands via a custom drug protocol. The discussion proceeds to ‘what if’, and if indeed just 10% die off, we’re still talking about 200M or so.
The pathetic irony is that the sheep are increasingly blaming the unvaxxed, when the truth is that the ‘leaky vaccines’ are likely causing the development of variants.
With the media bought and paid for, we can expect even tighter censorship by FB, TWTR, and Google/Youtube, with more prominent names to get kicked off.
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The weekend
Thank the gods its the weekend! I sure need considerable rest.
I actually made some good progress with my streaming desktop last weekend. I’ve figured out the audio side (well, mostly), that just leaves the screen-sharing side. There is so much to do, I just hope I can find the energy, and to have inclination to keep pushing ahead.
As ever, feel free to message me via Disqus or email.
Sincerely, have a restful weekend, and goodnight from London
yours… Philip
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The weekend post will appear Sat’12pm EST @ https://tradingsunset.blogspot.com, and will detail six of the US equity indexes (monthly candle charts).