US equities began the week on a weak note, the SPX settling -1.1% to 3854. Meanwhile, WTIC settled -70cents (0.7%) to $104.09.
sp’weekly1b
WTIC daily
Summary
SPX: I’d note the 10MA at 3924. Any price action >3950 would offer a test of psy’4K. I’d note weekly momentum continues to recover. At the current rate, it might turn positive before end month.
WTIC: oil printed $100.89, if recovering to the $104s. I’d note daily momentum… prone to turning positive this Thursday.
–
Looking ahead
Tuesday will see Small bus’ index
Earnings: PEP, ANGO, AMX
–
PF chart of the day
Computer has a pretty bearish target of the $93s.
JPM, monthly
JPM is broken with the sector/main market. I’d note the lower bollinger at $109… which we’ve now tested. Bulls could argue a bounce to test the 10MA… $137s. Earnings are due early Thurs’.
–
Final note
*Special note to the new people…
I don’t expect you to agree with everything I post. What I do expect from YOU is that you question everything, whether its from CNN, FOX, Zerohedge, or yours truly. If you can do that, you’ll be ahead of the curve.
—
With Elon dropping his bid, Twitter is back to its C19 propaganda again.
–
Heyling and Weinstein… on C19, as infections have been rising… despite it not being the season for such a wave.
–
Here in the UK…
‘In the week ending 24 June 2022 (Week 25 ), 10,836 deaths were registered in England and Wales; this was 16.6% above the five-year average (1,540 excess deaths).’
‘Of the deaths registered in Week 25 in England, 270 mentioned “novel coronavirus (COVID-19)”, accounting for 2.7% of all deaths’
The latter issue 2.7% is massively important… not least relative to the 16.6%.
Alarm bells if the ‘all cause’ death rate >50%… as seems an eventuality.
—
Dore highlighting the WEF… who continue to push the shots. Further, the issue of digital ID, travel limitations, and being cut off from the system, if you say/do something the ruling regime don’t like.
It really won’t take much to see another round of lockdowns this winter, and this time, some of the western nations (such as Austria, Germany, and Greece) might follow through with their original threats to mandate the gene therapies.
—
Broad chatter on the Dutch Farmers, as the European populace are increasingly riled up at some of the grander ‘great reset/build back better’ plans.
—
I want to sleep well
Yours truly picked up SLB, KMI, CHPT, and (added) to RIG this morning. I’ll sleep just fine with those, and right now… I do need my sleep.
My shopping list…
AMZN (preferably $85/80)
MSFT, AAPL, DIS
AMD, MU
LAC, FCX, CLF, UEC
KMI, OXY, SLB, RIG, CHPT
GOLD, NEM, AG
CFVI
… but I’m really not interested unless sp’3550/3500 or so.
Further, I’m actually inclined to see old support (now new resistance) of the 200dma and the monthly 10MA – both in the sp’4300s, tested, before the next big wave lower.
How we trade Wed>Friday should give us clarity if Mr Market is going to annoy the hell out of the bears to the 4300s, before the next wave lower. Frankly… I’d like to see the 4300s, so I could more comfortably short.
Goodnight from London