Morning Notes – 5/16/2022

Good Morning:

• I will be delivering the “lite” version of my commentary this week, as I am losing my mother to the vaccine and will be indisposed while making funeral arrangements and attending memorial services.
• Hauntingly, it was exactly a year ago (May 22nd) that I lost my father-in-law to the vaccine. The people and companies behind these vaccines are nothing short of evil.
• People used to think I was nuts when I questioned the vaccines, now it is all coming out how bad they are and how the side effects were covered up.
• My mother got the China virus twice after she had her vaccines. Now we learn that Fauci and the rest of the NIH crew were getting $350 million in secret royalties to promote them.
• Last Thursday’s intraday low looks like a tradable pivot from oversold levels, crowned with a short-covering rally into Friday’s close.
• We have a Navigator Swing buy signal on Friday’s close, but since it hung by a thread, I don’t want to issue the signal without follow-through today into the close. Otherwise, this is likely to be another brief short-covering rally that could be a bull trap.
• Nothing else has materially changed, other than the fact that China’s economy appears to be collapsing under the weight of their lockdowns, and the collapse is sure to have an impact on the global economic outlook as well.
• 4000 is still the key pivot line until expiration on Friday. Resistance remains at 4100, with support at 3950, then 3921.
• There should be some support from the options market into Friday’s monthly expiration, with 4000 acting as a pinning or mean-reversion level.
• So the recent lows should hold, absent further “unknown” negative news.

A.F. Thornton