It was a bearish week for US equity indexes, with net weekly declines ranging from -4.0% (R2K), -3.1% (Nasdaq comp'), -2.1% (SPX), -1.5% (NYSE comp'), -1.2% (Dow), to -0.7% (Transports).
Lets take our regular look at six of the main US indexes
sp'500
Nasdaq comp'
Dow
R2K
NYSE comp'
Trans
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Summary
Six US equity indexes were net lower for the week
The R2K lead the way down, whilst the Transports was most resilient.
The SPX, Nasdaq comp', Dow, NYSE comp', and R2K broke new historic highs.
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Looking ahead
Earnings:
M - $SYM $TCOM $BRBR $TUYA $ACM $ZENV $IIIV $NRXP
T - $WMT $LOW $WKHS $XPEV $MDT $VIPS $KEYS $LZB $POWL $AZEK $ZTO $KORE $DLB $DNMR $SBLK $QFIN
W - $TGT $TJX $ZIM $NIO $WIX $DY $WSM $BERY $GLBE $NVDA $SNOW $PANW $JACK $CPA $SQM $MMS $CCIF $ESEA $BBAR
T - $DE $BIDU $PDD $BJ $VSTS $WMG $IQ $SCVL $INTU $ESTC $GAP $ROST $NTAP $CPRT $UGI $MATW $NGVC
F -
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Econ-data/events
M - Home builder conf'
T - Housing starts, building permits
W - EIA Pet'
T - Weekly jobs, Phil' Fed' Manu', Existing home sales, leading indicators
F - PMI serv', PMI manu', consumer sent'
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Final note
Whilst all six indexes were net lower for the week, was it really a net bearish week? Did everyone already forget that five of the six indexes printed new historic highs on Monday?
Friday's downside was unusual for an OPEX, but again... that is from new historic highs. The bulls have NOTHING to prove, as the m/t trend remains unquestionably strong.
Until we get a monthly settlement under the monthly 10MA (SPX <5400 to be decisive), anyone getting bearish needs to grab a large handful of tranquiliser pills, or something similar.
Ohh, and all those geo-political wild cards... they are still ticking. Trump winning a third term (we now have confirmation 2020 was almost certainly rigged), isn't going to do much, other than stall a few of the tinderboxes out there.
If you read around, you can see the usual suspects pumping their favoured asset classes, not least crypto. If you think the various dystopian regimes are going to 'permit' that for much longer, you'll reading the wrong blog.
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| Stasi... apparently grabbing people entering the London jurisdiction |
... and in the land of yours truly... every day is worse. Corrupt courts, a Stasi-esque police force going door to door, going after thousands of 'mean tweet' people. There is also a distinct push from the Herr Starmer regime to outlaw 'citizen journalism'. I'll be surprised if I make it into 2025.
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Have
a good weekend
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*the next post on this page will likely appear 4.20pm EST on Monday.
