1-24-2022 Daily Settlements
Please find the daily settlements of the markets Magnelibra Capital Advisors covers. This page is sent daily to subscribers and provides daily settlement prices of the various markets that we engage within. Today was a unique day with a massive buy weakness from patient strategic players, fast money and technicians. The interesting thing about today is that it won’t take much to force a bail but we do suspect enough damage has been done and a consolidative battle to commence for the next few weeks. Don’t get us wrong, this volatility is here to stay and as the Fed removes accommodation, the levered speculative fervor has less rehypothecation to rely upon in order to front their game. Anyway here is today’s settlement sheet:
Our bonus chart is the SP500 which saw some huge buying come in at the 4220 area. We highlighted the importance of this level as it was the May 2021 High, it held as the August 2021 Low and now putting in the January 2022 Low. Don’t get us wrong, the high is in until the next round of stimulus which may be a year off. We know the FED will cave as the SP500 struggles this year just to stay positive and by September of this year, if the FED keeps its promise will most likely be negative still. We have seen this game before, although the difference is we have 7% inflation prints. As much as the stagflation was inevitable, it’s not an enviable position by any means. The FED has already made the massive policy error by not reversing course sooner especially after the massive future earnings theft via fiscal policy under the cloak of covid relief…just how much of that $4 trillion balance sheet expansion went to main street??? We all know its a zero sum game and concentration of wealth is always the end game in fiat regimes. So anyway, just so we are clear, we are heavily bearish until the FED reverses its course when that time comes…we will change our tune, till then, here is the SP chart:
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