ES - Wider Perspective for the FOMC July 26 - 27 / Bull & Bear
Updated
Friday's move back up on very low volumes was another Lift to the Indices while lifting
was unopposed for a very Low Participation Day.
It is quite clear the ALGO has an agenda, they were not competing on ST/IT Friday. It is
easy to spot the desired defense to Price Objectives - a Violent Defense appears and with
it - the attendant Price Expansion in very short order. There were 7 of these events this
past week. Blowing out both sides during Globex an hour before the NYSE Open, only to
Oppose again.
There was fuel this week to squeeze, it was primarily Retail's Options leverage on both the
SPY and the Mega Caps. Apple traded a significant amount of Options well over 1 Million.
It was a nothing week in Sum Total - after 4 days of decline in the SPY, Day 5 brought the
BOTs revenge to prevent the inevitable "El Cliffo" - West End dive off Negril's seaside
suicides.
Financials led Friday. Citi took the opportunity to report all sorts of Whoppers... 100% BS.
XLF, and NQ Bank rescued the ES - the rest of the Sectors were simply dragged along.
Personally, I found it to be a pathetic display of the Structural rotations the BOTs are exceptional
at making, we saw the same in Tech at the beginning of the Week. XLK saved the Day while
the ES struggled to hold on Monday to Thursday.
_________________________________________________________________________________
The bulls are attempting to Front Run what will be perceived declines in "Inflation for August"
as Energy came off its highs to our Price Objective at 90.63. A 6-tick dip in only to rip once
again in reverse. With Biden mumbling to MBS, we'll see what this weekend brings on the
Media Hype front beyond the Fist Bumps and failed isolationist Admin Policies.
Institutions are unimpressed and unwilling to commit to a substantial position anywhere.
Retail is welcome to hold the defensive bags.
Waiting on Godot...
For the Bulls, this week was not constructive, on balance, until Friday.
Let's drill down into the Funda's and T/A as we move in for Time in the following commentaries.
We will review the causations in SUM and see if we cannot determine the potential outcomes.
___________________________________________________________________________________
was unopposed for a very Low Participation Day.
It is quite clear the ALGO has an agenda, they were not competing on ST/IT Friday. It is
easy to spot the desired defense to Price Objectives - a Violent Defense appears and with
it - the attendant Price Expansion in very short order. There were 7 of these events this
past week. Blowing out both sides during Globex an hour before the NYSE Open, only to
Oppose again.
There was fuel this week to squeeze, it was primarily Retail's Options leverage on both the
SPY and the Mega Caps. Apple traded a significant amount of Options well over 1 Million.
It was a nothing week in Sum Total - after 4 days of decline in the SPY, Day 5 brought the
BOTs revenge to prevent the inevitable "El Cliffo" - West End dive off Negril's seaside
suicides.
Financials led Friday. Citi took the opportunity to report all sorts of Whoppers... 100% BS.
XLF, and NQ Bank rescued the ES - the rest of the Sectors were simply dragged along.
Personally, I found it to be a pathetic display of the Structural rotations the BOTs are exceptional
at making, we saw the same in Tech at the beginning of the Week. XLK saved the Day while
the ES struggled to hold on Monday to Thursday.
_________________________________________________________________________________
The bulls are attempting to Front Run what will be perceived declines in "Inflation for August"
as Energy came off its highs to our Price Objective at 90.63. A 6-tick dip in only to rip once
again in reverse. With Biden mumbling to MBS, we'll see what this weekend brings on the
Media Hype front beyond the Fist Bumps and failed isolationist Admin Policies.
Institutions are unimpressed and unwilling to commit to a substantial position anywhere.
Retail is welcome to hold the defensive bags.
Waiting on Godot...
For the Bulls, this week was not constructive, on balance, until Friday.
Let's drill down into the Funda's and T/A as we move in for Time in the following commentaries.
We will review the causations in SUM and see if we cannot determine the potential outcomes.
___________________________________________________________________________________
Note
Saudis will increase their oil production capacity to 13 million barrels per day.Fist Bump, then no mas.
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