Waiting for Bear Market Confirm

Idle curiosity to see which of teh sharply descending trend lines offer any support. Have no preset support lines in place below this, just the usual cut and paste, or Fibonacci, I don’t expect those to offer much guidance. The extra market catalyst was the release of the Jan 6 committee report, or the first night. My view on that is confirmed.

The material was compelling and some Republicans did watch out of morbid curiosity? The one item which should bother them was the seamless handing of the mic from Thompson to Cheney. Finally a bipartisan deal, sorry I know that isn’t the case of loyalists, which reiterates that this is a shit storm for Wall Street. CEOs are going to see the cost of doing business in red states is prohibitive. And the loyalists are ready to push back.

The justices on the court have the document overturning R-V-W and seek to time the release to best mitigate the fallout from the hearings. Fox News gives them their marching orders, net net, public confidence in the court drops to zero.

This is all going to get very ugly for Wall Street as long as consumer America is being ripped apart. Florida messing with Disney was probably the first shot in this war. If you live in red states get used to all kinds of shortages. You don’t like the J&J vaccine, you won’t be getting their Q-tips either. Who knew that culture war was a war on consumerism? Artificial supply chain disruptions. No reason for it either, but between now and November, don’t count on seeing any daylight. Before we can label this thing, the A/D and OBV must break their support on the daily chart, and they are currently above that, (The futures market is leading) and in the context of a broad culture war the market may meander a bit, but this is the dark cloud to any silver lining.

The end of Putin’s Russia would be a helpful sign, but more likely the Biden administration will slap sanctions on Texas, and put some official controls on the electoral college to provide some prophylaxis come the fall (please please say you understand the problem)…

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