Attack the Week (ATW)

April 8, 2024

Monday Thoughts

The Hardest Geezer has done it. For those unfamiliar with who I am referring to, the legend’s real name is Russ Cook.

On Sunday he completed something nobody has ever done before, running the entire length of Africa. Having set off from the southern tip of South Africa in April last year, he has now completed his mammoth 16,250 km journey.

That is more than a marathon a day in a gruelling journey that saw him get robbed, fight several health problems, and face the ultimate early end to his quest due to visa issues. This dude, whom I have been following nearly throughout his entire one-year journey, has taken and literally run through every obstacle presented to him.

If his story of willpower isn’t something that inspires you, I am not sure what else will. This ginger man’s journey is emblematic of unwavering determination. Facing obstacles head-on, he certainly did not allow setbacks to deter him from his goals.

Damn the torpedoes, full steam ahead. It certainly still feels like this in equity land, which saw a bit more two-way price action last week, with a nasty Thursday turnaround in sentiment.

Friday’s stronger-than-expected NFP number showed a whopping 303k, a strong beat vs consensus expectations of 214k. The unemployment rate fell from 3.857% to 3.829%, while hourly earnings printed higher at 0.3% MoM (0.1% prior). The Treasury curve bear steepened with equities turning initially lower before bouncing back and finishing the week strongly. With the upcoming CPI this week, it will be crucial to determine the likely path forward. Friday saw the chance for further weakness, but we bounced strongly, suggesting that the strength of the equity bull is still very much in play. One day, however, doesn’t usually mean much, so equity price action will be featured closely on my daily radar as we progress through the week.

Let’s now see what else is in store for us this week and what charts we should be all looking at.

Run it!