Equities battled upward for a second consecutive day, the SPX settling +27pts (0.8%) to 3446. Meanwhile, WTIC settled +$1.24 (3.1%) to $41.19.
sp’weekly1b
WTIC daily
Summary
sp: On any outlook, we’re clearly set for a second consecutive net weekly gain of some degree. Weekly momentum is ticking back upward, and is supportive to those expecting upside (if choppy) into the election.
The situation is indeed rather opposite to Oct/early Nov’2016, and its arguable, we’ll see some degree of post election depression, even if the market’s best ever cheerleader… President Trump, wins… as I still believe he will.
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wtic: oil is back above the 50dma, and opens the door to challenge resistance of 42/43s. Any price action above the Aug’ high of $43.78 would offer psy’50. Right now, that looks a stretch… even if the main market leans upward for another few weeks.
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Looking ahead
Friday will see Wholesale inventories.
Earnings: none.
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PF chart of the day
The computer has a very bullish target of $33.50.
Mosaic, monthly
Mosaic is higher for a seventh consecutive month, currently +7.9% at $19.72. Recent CALL activity (Nov’ $21s) has captured some attention. Next resistance is the Jan’ high of $21.98. I like this one, and I would note key price threshold of the $36s which is a valid target for 2021.
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Rough Thursday
It wasn’t the best of days, not least as I had to wake up at 2.30am EST, for workman to begin work on my heating system. There are days when living on EST… isn’t so great.
Nat’ Gas tech is kinda interesting. Today was day’1 of a new install for a combination boiler and other related things. Hopefully it’ll be completed on Friday… so I can have running hot water again.
Thursday just kept getting better and better, when the scaffolding company put it on the wrong apartment (I’m just to the right). Great. Just great.
Ohh, and as for my site going offline this afternoon, it remains my worse nightmare, especially when there is little I can do about it. I can’t host from home, as my upload rate is lousy, and for now, a US located server makes more sense. Anyway… thirty minutes offline is not quite the end of the world, especially on a day of algo-bot upward melt.
Goodnight from London
Yours… awaiting the weekend… and some hot water.