Equities began August on a strong note, the SPX settling +110pts (1.5%) to 7600.
sp’weekly1b
Summary
SPX: I’ve redrawn the bullish pennant, using last week’s low as a new lower trend. Weekly momentum has started to tick back upward, and set to turn positive next week. The upper bollinger offers 7945, although that looks a stretch. More realistic… 7800s.
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PF charts of the day
Silver
Computer is seeking the $47s, as look probable in October
Computer had a target of $4201… as met.
I’d look for a downgrade to perhaps 3500.
In any case… if the main market washes out in Sept/Oct, the metals/miners will be dragged down to some extent.
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Looking ahead
Tuesday will see Intl’ trade, JOLTS, factory orders
Earnings: $PFE $CAT $MCD $W $HUT $SHLS $ENLT $ET $MRK $AMD $SPCX $ANET $ALAB $ZETA $OPEN $BKNG $KTOS $ALGT $HL
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Final note
I’ve not watched.
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Indeed, it all changed in 2020
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Friday’s exit
Last Friday’s exit in long USO and short SPY were in retrospect… the right decision. Rather than exits of +4% and -13%, I’ve avoided -35% each.
Now… I’m faced with a market that appears to want to climb into Labor day, and oil that might churn. Right now… doing nothing is what I’m comfortable with, as my mind is more focused on the issue of giving up my home, and fleeing the country.
Goodnight from London