It was a bullish day, the SPX printing a new hist’ high of 6446, and settling +72pts (1.1%) to 6445.
sp’weekly1b
Summary
SPX: with a new hist’ high, its already to be seen as a net bullish week.
The fib’ retrace has been adjusted.
The 38%… now in the 5830s, some 600pts lower.
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Commodity of the day
I’d note the recent spike high from $39.53.
Weekly momentum is weakening, prone to turning negative by mid Sept’.
The 34/33s look probable by mid Oct’.
If correct… the miners should be dragged down to some degree.
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Looking ahead
Wednesday will see EIA Pet’
Earnings: $ARCO $EAT $INVZ $ESLT $SPRY $MRX $EXK $SSYS $AMS $CATX $CSCO $EQX $ASM $DLO $RRGB $SURG $EVLA $ALVO $SARO $AEMO
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Final note
‘Historically, governments surround themselves with troops when they no longer trust the people.’ – Armstrong
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”Capital has little room to go elsewhere at this time. In the short term, the US may still attract capital fleeing the chaos in Europe.’ – Armstrong
Indeed, as noted last night… there is a capital flight out of the UK, and some of that is flowing into the US capital markets, even US bonds!
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Gold chatter
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Silver chatter
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It is true… Trump can’t stop, but this shouldn’t be a surprise.
From this afternoon…
Funny… definitely, but the notion that tariffs are not inflationary is wrong. One way or another… those costs are a burden on the US consumer and business.
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‘WoodwardTV’ is a fringe channel, but this one merits a highlight…
… as even the butter is a type of Frankenfood. Wild times.
I’ll try to stick to ‘Kerrygold’ as long as its available.
Goodnight from London