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The bulls are looking to try higher at the open and I am finding myself doing exactly what I have been saying not to do; which is to try and make sense of things.
The sanctions towards Russia will affect the world economy, being they produce 30% of the wheat and these sanctions will NOT end when this war ends.
Other countries are flipping the bird at Biden, some not even taking the old man’s calls, and refusing to jump on the “shut out Russia train”. I do NOT support Putin at all with what is taking place, I am just saying, these brainless “Green New Deal or let them eat lentils” crew, who are writing the scripts for Joe to read, can care less about the USA people they will starve along the way, as long as it moves their agenda forward.
Inflation will continue to rise and with Joe & Co trying to impose more regulations on oil drillers, gas prices will only continue higher until every person is driving electric cars. Then we deal with how to power them because we don’t have a grid to support their ideal world and these fools can’t see past their noses. They are simply pushing the reserve currency to China years before it was supposed to take place.
Now we are seeing some major oil-producing countries talking about pricing their oil in Yuan. My point, gas prices will continue to rise, inflation will be in the double digits sooner than many think and the only thing this administration cares about is the “green new deal”.
With the Fed handcuffed because of their own stupid decisions do wonder, who and why would anybody buy this market. Hence I am doing exactly what I have been saying not to do 😉 The bulls need to get the price above 4482 for a reaction trade up to 4500-ish. The bears need to get the price below 4454 for a reaction trade down to 4425.
There are sell signals that may have been played out, but I am NOT seeing any buy signals. Let today play out and if we need higher before lower, we are still looking to fill the short position at pivot levels I have mentioned and will go over in today’s premium report. -Gary Dean
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