Equities saw considerable chop, the SPX recovering from 4351 to settle +0.4% at 4381. Meanwhile, WTIC settled -$3.02 (4.2%) to $69.51.
sp’weekly1b
WTIC daily
Summary
SPX: as things are, we’re net lower for the week by -27pts (0.6%). Weekly momentum is still increasingly positive, set to remain positive until at least mid July.
WTIC: oil was whacked lower into the mid $69s, not helped by the stronger dollar. The most recent Saudi cut begins in July, whether that is enough to negate increased Iranian supply, or perhaps from the Russians… is very difficult to say.
*I still hold the view that oil and the related energy stocks are the very last thing to be short.
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Looking ahead
Friday will see PMI serv’, PMI manu’
Earnings: KMX
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Final note
🇳🇱 Now that the totalitarian Dutch government learned they can effectively crack down on our farmers’ property rights, they’re coming after ordinary citizens next:
An insane new Housing Act will allow municipalities to force homeowners to sell their homes ONLY to people with a…
— Eva Vlaardingerbroek (@EvaVlaar) June 22, 2023
Whilst America has its ‘issues’, its not as bad as the UK and mainland Europe, which are increasingly pushing communist measures.
Just imagine it… the local govt’ tell you that you have to sell to a given buyer… for a given price, that might be massively below the fair market value. What do you do?
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Dore on an undercover investigation into Blackrock, and ‘how to buy a Senator’.
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*I’ve not watched this yet, but for those with an interest in the macro and geo-political situation, Mr Long is always recommended.
Goodnight from London