Before I start to write, you folks didn’t fill out the First Readers Survey to get even to a quorum on the next move I make to improve this blog. Take a couple of seconds to answer yes or no to the question, and it will be greatly appreciated!
In case you were wondering about the silliness at the start of this week’s video, THIS IS A BLACK LIGHT ELVIS POSTER, and this is what a black light bedroom of the 1970a might have looked like. These were a big thing in the 1970s.
Now, back to work!
I am assuming that you watched the video, we are still in a downtrend that has a possibility of at least a seasonal bullish pivot, but much will depend on positive economic news, and that could be tough to find. Remember that the pivot is based on the so-called “improved” inflation numbers.
Until the Republicans (whatever Republicans are) took control of the House of Representatives last week, President Biden was going to add to the pain of draining the strategic petroleum reserve (that made gasoline prices appear better before the election) was going to increase Russian sanctions on petroleum and causing further crude oil and other petroleum shortfalls here. With the Uniparty Republicans still holding positions of power in Congress and the Senate, there is now a very faulty disc brake on the Biden clown car perhaps. Will that mean that sanctions will be stopped? That is hard to say. The Republican mainstream leadership is about as corporatist and fascist as the Democrat leadership, so it will be hard to know what is next.
One thing is clear, however. As of November 14, there were 25 days of diesel oil reserves left for the USA. That would be 19 days as of today without replenishment. With refinery shutdowns for maintenance starting up, there are likely going to be disruptions in diesel supply, and that will disrupt domestic supply chains. If you farm, transport, heat with, or run industrial equipment with diesel oil, the end of 2022 will began a spate, however long, of problems for your operations.
As of Friday, November 18, 2020, forecasted Q4 earnings are projected to fall. It’s rather odd also that Amazon would announce layoffs before Christmas, but it happened, much as it did in 1974. When Target is already projecting dour sales for Christmas, one wonders how strong consumer confidence is either. We will see that on Wednesday. As I mentioned in the video, that could set the tone for price action as we move into December 2022 on MNQZ22 and other stock markets and stock index futures markets. For some workers, it reminds you of this song from late 1974.
I could be wrong, but I think this week will be somewhat lazy, with the real fireworks beginning in December. I still think things are unsettled with a bearish bias, but only time will tell.
As always, thank you for supporting this blog! Fill out that first readers survey in the next couple of days, and perhaps we can get a quorum on what to do next. Thanks!
