It's All About The Destination, Not The Journey.
A holiday-shortened week began uneventfully with little of interest coming over the newswires and markets simply drifted along the path of least resistance, which is currently downwards.
Things soon began to pick up steam to the downside though, as the Chinese city of Chengdu extended COVID lockdowns for the majority of its 21 million residents due to rising infection numbers, dimming the demand outlook for oil and sending the price of crude oil and stocks lower. Then a new report from the Institute for Supply Management showed unexpected US growth in the services sector from a month ago. New…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.