Morning Notes - 7/29/2022 | Archimedes Methodologies

Good Morning:

I am so happy to wake up and learn that our Country is doing so well and has no Recession!
I am calling this the “Ripley’s Believe it or Not Era” at the beginning of the 21st century.
Almost every day, I tell my wife, “you won’t believe this, but …
Let’s just say that the Orwell Administration has friends everywhere – so everything is fine, dear.
“All we need to do is control the language,” President Joe Orwell, 2022.

Meanwhile, the inflation report (PCE Index) came out slightly higher than expected this morning – so the market has an excuse to work off some of the recent gains, but…
FOMO remains in high gear, and corporate buybacks resume today.
And the markets viewed Apple and Amazon earnings reports favorably last night.
A move up to 4180-4200 is possible, but there is roughly a 70% probability that the market will be pulled back below the WEM high at 4070 by today’s close.
We had a great week, so I am headed to the beach today.

I will post more thoughts on the live program on Sunday night – on YouTube at 5:30 PM EST.

Otherwise, have a great weekend. Summer is going by quickly.

A.F. Thornton

Morning Notes – 7/29/2022