It was a choppy end to the week, the SPX settling -1pt to 3509, but that still made for a very powerful net weekly gain of +239pts (7.3%). Meanwhile, WTIC cooled by -$1.65 (4.2%) to $37.14, but that still made for a net weekly gain of +$1.35 (3.8%).
sp’weekly1b
WTIC weekly
Summary
sp: A very strong week, with all of last week’s decline fully negated. This week’s candle has a subtle spike from what is the upper side of a giant bullish pennant. Whilst the market is s/t vulnerable to a little cooling, an eventual break up and away appears on the menu.
WTIC: a second consecutive daily decline for oil, although that still made for a net weekly gain. Broadly, oil is stuck under major resistance of the 42/43s, and above core support of 32/30.
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Dear Subscriber (or guest!)
Its been a wildly powerful whipsaw, with last week’s declines fully negated. Its certainly impressive considering the election result hasn’t yet been finalised.
Its been kinda amusing to see some of the mainstream media hacks start to recognise that no matter who is leading the US, the out of control spending – partly funded via the Fed, will continue.
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Meanwhile, over at Print Central…
The latest update showed a net weekly change of +$11.2bn vs -31.0bn, taking the balance sheet to $7.157trn.
I remain a little surprised the fed didn’t announce yield curve controls at yesterday’s FOMC. Regardless, its just a matter of time until they do. Further, the fed remain on standby to pick up another trillion or more of T-bonds, once an agreement on stim’ bill 4 can be reached.
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Life in the land of yours truly…
Every day just continues to become ever more bizarre. I’m regularly receiving emails from various shops telling me that whilst they are now closed for ‘some time’, I can still purchase online. UK retail sales sure won’t be pretty into year end, as its almost becoming a case of Christmas being cancelled.
I received an email from the UK Treasury today, offering me to apply for their ‘Self employment income support scheme’. As things are, I’m not applicable though, as my income hasn’t been ‘adversely affected due to the lockdown’. In that regard… I’m fairing better than some.
The mood out there is distinctly dark. The society I live within is literally psychologically sick. Any return to ‘normalcy’ is next to impossible, with most of the ignorant idiots, effectively traumatised for life, by the largely pointless medical theatrics they’ve been forced to play along with.
I consider myself a mere spectator to it all, with ZERO interest in ever associating with anyone from the UK. I’m done with this psychologically, physically, and spiritually sick country.
Right now, its difficult to see 2021 as being any better, not least if it includes largely untested (no longitudinal studies) vaccines. Such vaccines will likely become mandatory in the more socialist/NAZI UK. Its further probable that anyone who overtly speaks out against such policy will be rounded up. My country isn’t more than a few steps away from becoming anything different than communist China. The UK is unquestionably a sick society, and one not worthy of survival.
Twitter, Facebook, Google, they continue to be an increasing problem in terms of censorship, and anyone who is solely running their business via those platforms, without having their own independently hosted website, is out of their gods damn mind.
On a positive note, I’m seeing an increasing number of alternative social media and video/streaming sites, but its difficult not to revert back to using Twitter or Google/Youtube, as that is where the bulk of the audience remain.
Those of you within the USA, consider yourselves fortunate, whether it is Trump or Biden who is in command.
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 EDT @ https://tradingsunset.blogspot.com, and will detail five of the US equity indexes (monthly candle charts).
**I will endeavour to cover some things on Twitter, this Sat’ and Sunday evening.