It was a mixed week for US equity indexes, with net weekly changes ranging from -1.0% (R2K), -0.7% (Nasdaq comp'), -0.6% (Dow), -0.5% (Trans), -0.3% (SPX), to +0.3% (NYSE comp').
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
Five US equity indexes were net lower for the week, with one net higher.
The R2K lead the way lower, whilst the NYSE comp' was a little higher.
The Dow, NYSE comp', and R2K broke new historic highs.
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Looking ahead
A lighter week, with a focus on retail.
Earnings:
M - TSN, LCID, CSPR
T - WMT, HD, SE, JMIA, SBLK
W - TGT, BIDU, LOW, TJX, IQ, BILI, NVDA, CSCO, SONO, BBWI, JOYY, VSCO
T - BABA, M, JD, KSS, CSIQ, BJ, AMAT, PANW, WDAY, ROST, WSM
F - FL, BKE
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Econ-data/events
M - Empire state manu'
T - Retail sales, import/export prices, indust' prod', busi' invent'
W - Housing starts, EIA Pet'
T - Weekly jobs, Phil' Fed, leading indi'
F - *OPEX*
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Bullish English Oak
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Final note
Whilst most indexes settled net lower, it was nothing for the bears to get even mildly excited about. I'd certainly be open to some cooling into OPEX, but right now, anything much below sp'4570/50 looks a stretch.
Broadly, the bulls appear to have a clear run into Jan'2022. Inflation is a pressure on market sentiment, but many companies will be subtly widening/improving their margins.
I still see commodities, and especially energy, as the most straight forward trade/investment into 2022. There will be sporadic washouts along the way, but broadly... the m/t pressure is unquestionably upward. The fact that Gold and Silver are finally also joining the commodity party, is supportive of that view.
With just 32.5 trading days left of 2021, for even more
charts, and whatever else I want to post about, you know
where to find me in... the twilight zone.
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Have
a good weekend
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*the next post on this page will likely appear 5pm EST on Monday.
