News on the US growth. Here's the PMI numbers released yesterday showing that indeed the US is slowing down. Today Oil was up on concerns that OPEC needs to raise output so now that’s on the front burner as demand globally is still stealth because Libya Oil producer was shut down this week over unrest. This PMI data that was released is the first time in 2 years showing manufacturing production is slowing down so this PMI is a crucial indicator of a US slowdown and this happening so soon after the FED's raised rates guarantee’s that PMI is only going to get worse once the rate hike has a chance to work through the economy. This slowdown happening is now a fact and this is only going to get worse in the coming month. I suspect that Oil will decline even though we'll bump up higher from time to time but its not going to last and all it will take is a couple more indicators that the US is slowing down then Oil prices will drop.
On the bright side ATH was a money maker today. Todays volume was healthy for a Friday and what happens Monday will depend on the price of Oil, remember that Oil starts trading first across the pond so we'll know Monday morning just where the Oil price will be before trading.
GLTA JMHO (always DD)
Data were collected 13-22 June Latest ‘flash’ PMI™ data from S&P Global signalled the weakest upturn in US private sector output since January’s Omicron-induced slowdown in June. The rise in activity was the second-softest since July 2020, with slower service sector output growth accompanied by the first contraction in manufacturing production in two years.
Read the artical
https://www.pmi.spglobal.com/Public/Home/PressRelease/8fd15c4803fd4399bea8d16e1dc06422