It was a mixed Thursday, with the SPX printing an early low of 3545, but settling +14pts (0.4%) to 3581. Meanwhile, WTIC cooled by -11cents (0.3%) to $41.90.
sp’weekly1b
WTIC daily
Summary
sp: As things are, we’re fractionally net lower for the week. What is arguably most important, is that the market is holding above the old upper side of what is a giant bullish pennant. Structure leans to far higher levels into year end, if not H1 of 2021.
Recommended video…
Tom Lee of Fundstrat, is now open to $SPX 3800 by year end, which does seem realistic. @fundstrat https://t.co/Nbj4LObvBx
— Philip Calrissian (@Trading_Sunset) November 19, 2020
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wtic: a relatively subdued day for oil, settling a little lower in the upper $41s. An eventual decisive break >44.00 seems increasingly likely, which will offer a run to psy’50, and secondary of the 52s.
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Looking ahead
Friday has no econ-data of note.
Earnings: FL
Event: it will be OPEX, so expect considerable price chop, on higher volume.
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PF chart of the day
Computer has a very bullish target of the $203s.
Disney, monthly
With 5.5 trading days left of the month, Disney is net higher for November by +16.9% in the $141s. The stock is comfortably above the key 10MA and is m/t bullish with the main market.
Recent earnings were mixed, but new hist’ highs >152s are realistic, if not probable before year end. A price hike (if only $1) in Disneyplus still seems on the menu in early 2021, and that will be please Mr Market.
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Finally, in the land of yours truly…
The streets are filled with cars, as many are home, under effective house arrest. All that is missing are military on the streets, which would make it martial law.
Its not easy… but I manage. I received an electric heater today (naturally via AMZN), so even though I have no central heating/running hot water (it will soon be two months), I will at least not be cold, and be able to keep typing.
Ohh, and the local govt’ notified me that my property tax (I get taxed on my apartment, even though I don’t own it), is being reduced by around $400 this year. It’d seem the UK Treasury (partly funded via BoE QE) are sending money to local authorities to subsidise various costs.
So… yeah… I managed another day. It’d further help if Gold/Silver and the related miners start a broad climb into year end.
Goodnight from London
Yours… awaiting Chapter’12 of Mandalorian.
I have spoken.