It was another day of considerable chop, the SPX settling +0.1% to 5482.
sp’weekly1b
Summary
SPX: as things are, we’re net higher for the NINTH week of TEN, +18pts (0.3%). Weekly momentum is increasingly positive, with zero sign of a m/t ceiling/turn, although one seems likely within mid July to mid August. On no realistic scenario do I see broad upside, especially once we’re in the vulnerable time of Sept-Oct’.
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Looking ahead
Friday will see Pers’ income/outlays, PCE, consumer sent’
Earnings: none
Event: As Friday is end month/Q2/H1, I’d expect considerable chop on very high vol’.
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Final note
Mr Long is always recommended. Go get a coffee or tea first.
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Living standards have being falling for DECADES, whether its red or blue team in charge.
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Bitcoin chatter
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The Celente and the Judge.
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Trump-Biden
From a pure historic perspective, tonight’s debate is arguably must see viewing, even if you have nothing other than contempt for either, or both of them.
Perhaps most notable is that it will likely be the last time that Trump and Biden will ever face each other. Trump appears set for jail as of July 11th… or at the very least… house arrest.
I remain highly suspicious that Biden will quit the race this August, and be replaced by Newsom or Clinton.
No, I don’t expect the market to ‘significantly react’ to whatever the perceived outcome is, but I do think the event merits your attention.
Goodnight from London