It was a choppy Tuesday, the SPX seeing an opening low of 5821, but recovering to settle -2pts (0.05%) to 5851.
sp’weekly1b
Summary
SPX: price action is indeed… a ‘whole lotta chop’, but this is somewhat natural as many are content to just sit back ahead of the election. Weekly momentum is ticking a little lower, if still net positive.
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Looking ahead
Wednesday will see Existing home sales, EIA Pet’, Fed Beige book (2pm)
Earnings: $BA $T $KO $VRT $NEE $GEV $TMO $CME $BSX $GD $TSLA $LRCX $IBM $CLS $NEM $NOW $QS $VKTX $TMUS $LVS
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Final note
I’d see the leak as a net positive.
To cite ‘Sneakers’ (1992), there are ‘too many secrets’…
A personal favourite of mine.
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*I’ve not watched this yet, but it looks interesting.
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The Chess pieces continue to move… east.
Xi of China and Putin of Russia, day’1 of the BRICS summit, in Kazan, Russia.
Yes, China and Russia are increasingly close, but I’d actually place more importance on India. The latter has the largest population, and lacks the ‘communist’ problem.
Just today Nvidia announced its making a ‘strategic’ push into India, which is arguably a very smart move. Tesla should place its next factory in India. Almost every western company should be pushing to get involved.
As Armstrong has noted for years, there is a grand shift from Europe and the Americas toward Asia. The proxy war between NATO and Russia, has merely accelerated the shift.
If we’re lucky… there will be no conventional or nuclear war, and we’ll merely see the west quietly fade in importance, with anyone smart enough moving to Asia.
Goodnight from London