It was another bullish day in equity land, the SPX printing a new historic high of 3859, and settling +52pts (1.4%) to 3851. Meanwhile, WTIC settled +33cents (0.6%) to $53.31.
sp’weekly1b
WTIC daily
Summary
sp: With a new hist’ high, its become a week for the equity bulls. Upper bollinger is offering the low 3900s, although those appear out of range until at least next week, if not early February.
wtic: a second day higher for oil, helped by the positive main market. A broader run to 65/66s is underway, which seems realistic within April/May.
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Looking ahead
Thursday will see the usual weekly jobs, housing starts, Phil’ Fed
Earnings: FCEL, CTXS, UNP, TRV, BKR, INTC, IBM, ISRG, CSX
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PF chart of the day
The computer holds a bullish target of the $56s.
Pan American Silver, monthly
Today saw a net gain of +7.7%, taking the net monthly decline to -7.8%. I would note we’re back above the key monthly 10MA! If this holds – as seems probable, it’d make for a THIRD spike from around key support, and would bode strongly bullish into the spring.
The same applies to GOLD, NEM, AG… and all the rest.
A reminder on… SLB
Schlumberger has earnings early Friday. The computer’s target of $49.50 is starting to make yours truly look overly conservative with primary target of 28/29s, and secondary of 38/39s. In any case… the trend is UP!
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Final note…
So… Trump has literally flown away, with Biden taking command. There are too many issues surrounding both. I will merely note – as I did this morning on the cesspool that is Twitter, monetary and fiscal policy can only be expected to get even more crazy.
Yellen – nominee for US T-Sec’, appears set to want to build a link between the US Govt’ and the Fed, which is of course, the complete opposite of what she, and Powell have long stated.
It should be clear… when the market next crashes, Print Central will start buying equities.
I’ve come around to the endgame notion, in that if communism does take root within the US, then the Fed will buy the ENTIRE US equity market. Ohh, but that is crazy talk, right?
Back in 2008, the notion of zero, or even negative rates was considered crazy. Print Central IS going to start buying equities at some point, and the only issue will be whether they buy just a small amount, most… or everything?
Goodnight from London
Yours… watching the show.