Weekend Sunday May 31 2020
Stocks seasonally to after tax day April 15. This is the last day of May, was this the top of Wave 2?
At bottom PMO is not as strong perhaps as in early May that would validate the idea that a fifth wave is ending.
My Friday post was concerned by the late Friday rally erasing a 250 point drop in the DJIA so we may have one more lunge up this week.
I have wondered what would happen fundamentally to validate the completion of Wave 2 up? We now have our answer with negative mood on full boil. Consider this scene in otherwise peaceful San Antonio Saturday this weekend.
It is said that nothing divides a town like a railroad track or a river. We have highway 90 east west as well as the San Antonio River downtown and some RR tracks. Local left wing politicians keep the fires lit by telling thousands of residents they live in poverty. One couple attending the 'rally above' arrived in a Toyota Sequoia SUV, the Japanese equivalent of a Chevy Tahoe, hardly poverty status. Various left wing groups have now declared that having a home, or apartment, for free of course, is a basic human right. Again, this is not to be political but imagine what will be said by the time the Nov elections arrive.
Socionomics is not a crystal ball. But this past week with mood collapsing down around the world and this country. we are surely closer to a top of market re-bound.
Crude Oil
Crude oil has followed the stock market.It bottomed a month later and each has had a rally bringing PMO and RSI to toppy levels. This needs a pullback to the 50 bar MA at 25 or so to work off this over bought situation.
Silver
How did I miss this? Silver has had a terrific collapse and then recovery. I have no idea what this means and no plans to participate. But like crude and stocks it is over bought now.
Dr. Copper
Copper is often cited as the bedrock of the economy as it is used in construction electric and high tech. Again same pattern as stocks, gold, silver, iron ore, etc.
Yes I will be up early to see the pre-market trade around the world
Evidence mounts, yes I know i have been wrong recently, that a top is near.