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The technician who called the bottom of the 2020 market says a “shocking rally” is pending

It has been a terrible week in a terrible year for the stock market.

Walmart WMT,
Measure TGT,
and Tencent HK: 700
each reported disappointing results to raise concerns about interest rate hikes and quantitative easing. But apart from Melvin Capital, there have been no signs of capitulation.

Over the past six weeks, stock redemptions have totaled $ 46 billion, up from $ 91 billion when the COVID outbreak first became apparent, according to Sean Darby, chief strategist at Jefferies. So you can see the argument as to why the markets may not have studied the depth.

Well-known technician Tom DeMark, who called the bottom in 2020 after COVID appeared, disagrees. The founder of DeMark Analytics ̵[ads1]1; known for advising hedge fund managers such as Paul Tudor Jones and Steven Cohen – told Fundstrat’s chief technical officer Mark Newton that key markets are on the verge of turning around.

DeMark indicators are designed to predict turning points, to find over-extended price movements, in both directions, in the opposite direction.

S&P 500 SPX,
DeMark says it will see another sale, with a proximity below 3,863, before a “shocking rally” lifts the index between 4,400 and 4,500. The 10-year-old BX: TMUBMUSD10Y
will make a more high before the top, and crude CL
will reach a peak within four trading days – $ 117.29 per barrel, he predicts – before turning lower.

The basic implications, if he is right, will be that the drivers of inflation for energy and commodities peak, which will put less pressure on inflation.

The fuss

Friday’s session includes the expiration of key option contracts that can add volatility.

The People’s Bank of China lowered the interest rate used for mortgages in the country to 4.45% from 4.6%.

Ross Stores ROST
joined retailer Armageddon by reporting a 7% drop in sales at the same store. In addition to flagging sales, the dealer also pointed out the impact of higher transportation and labor costs.

Chip equipment maker Applied Materials AMAT
reported a worse-than-expected result and gave disappointing prospects. The cyber security firm Palo Alto Networks PANW
but went guidance for the third time.

SpaceX paid $ 250,000 to settle a sexual misconduct lawsuit against its CEO, Elon Musk, according to a Business Insider report. Musk, also CEO of Tesla TSLA
and bidder for Twitter TWTR,
told the publication that the story was a hit, and later tweeted that the accusations are untrue.

President Joe Biden started a trip to Asia with a visit to a Samsung Electronics factory in South Korea, which has machines built by Lam LRCX

The markets

US stock futures pointed to a strong opening, with futures on the Dow Jones Industrial Average YM00
rises around 250 points.

The return on the 10-year Treasury BX: TMUBMUSD10Y
was 2.85%.

Top tickers

Here, the most active stock market markers from 06.00 were east.

The video

Hard to find a better video than a programmer teaching his goldfish to pick stocks, and then comparing the results to the choices on Reddit Wall Street Bets. (Contains some swearing.)

Random reading

Finland’s application with NATO is still being processed, but NATO beer has already hit the shelves.

Bob Cousy, the 93-year-old basketball legend, fired back at ESPN commentator JJ Redick’s “plumbers and firefighters”.

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