US equities climbed into the weekend, the SPX printing 4373, and settling +0.9% to 4358, which made for a net weekly gain of +240pts (5.8%). Meanwhile, WTIC settled -$1.95 (2.4%) to $80.51, which made for a net weekly decline of -$5.03 (5.9%).
sp’weekly1b
WTIC weekly
Summary
SPX: this week’s gain was the biggest since at least Nov’2022, negating the prior two weeks of declines, and was the highest weekly settlement since early Sept’. Weekly momentum ticked back upward, and will continue to do so, even if we see a retrace to the 4260s next week.
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WTIC: oil fell for a second week. Weekly momentum has turned negative. The performance is far worse, relative to positive equities and the weaker dollar. Considering the ongoing threat of escalation in the middle east, the drop is especially bizarre.
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Dear Subscriber
We’re just three days into the month, but the SPX is already net higher by 164pts (3.9%). Monthly momentum was negative on Monday, but its currently back to fractionally positive.
Either the bears take back control… and soon, or the mainstream maniacs calling for a broader run to new historic highs will have something to tout.
I’d note the key 10MA at 4281, which we’re currently above. At minimum, bears should be seeking November to settle <4250.
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Miscell’ things
*Fed chatter from Checkan with Ms. Makori.
I’ve not even watched this yet, but it might be interesting to some of you.
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Ms. Lilly from Austria. There is much to be said for a truly independent viewpoint. I’d imagine some of you are well aware of the chatter about a possible massive cyber attack. I’ll hope it doesn’t come to that.
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Even before the recent Hamas attack, there were massive protests against PM Net’. Now the push is from the anti-war crowd, and whilst they aren’t likely the majority, they are trying to at least be heard.
As things are, I can’t be optimistic. The plan has been made clear, they want to clear Gaza, and have everyone either killed off, or driven out into the Sinai Peninsula… effectively banished. Again, its another sign of the apartheid state of Israel.
I see no good outcomes, as many (on both sides) are blood thirsty, and want to fight. So much for the ‘Holy land’, but when in the past two thousand years weren’t they fighting?
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Martenson and Weinstein. The above is the 11min version.
If you like it, there is a full THREE hour conversation available >
https://rumble.com/v3rof8f-entropy-energy-and-the-4th-frontier-chris-martenson-on-darkhorse.html
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Rigged, well yes, at least partly, for some of the time.
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The weekend
Two days to rest and recover… is never enough.
I’ve sideline entertainment via Loki, Gold Rush, and maybe a movie.
I finished season’2 of Foundation last night, an astounding story, if pretty complicated. I’ll hope for a third season, but that would likely not be done until 2025.
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 ten of the world equity markets.