Equities began the week on a broadly positive note, the SPX settling +58pts (1.4%) to 4224. Meanwhile, WTIC settled +$1.83 (2.6%) to $73.12.
sp’weekly1b
WTIC weekly
Summary
sp: A pretty significant rebound after last Friday’s quad-opex washout. Momentum is STILL weakening though, and until we see a new historic high (>4257) the market has to be seen as s/t vulnerable. Best guess… the 4300s… whether by end month or in July.
wtic: oil broke a new cycle high of $73.28, helped by the positive main market, but also the weaker dollar. Next resistance of the 75/76s are clearly viable within the immediate term. Things turn ‘real interesting’ >77.00, which would be decisive, and offer open air to giant psy’ $100.
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Looking ahead
Tuesday will see Existing home sales
Earnings: PLUG
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PF chart of the day
Computer has a bullish target of $6.25
Transocean, monthly
I would note upper bollinger at $5.86, as the $6s look realistic within July/August. Beyond the $6s, its mostly empty air to the 2018 high of $14.34.
UOA: 32698 Nov’ $6.00 CALLS… mostly traded in very early morning.
Yours truly is long Transocean, but let me be clear, this one IS speculative, and my position size is around half of OXY & SLB. I also hold MRO, and that is also half the $ value of OXY & SLB.
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Final note…
My week began by seeing renewed propaganda from Twitter…
It remains amusing that most ‘official’ products are quite clear on the box/packet, and are not to be used for anti-viral/health purposes. But hey…. most of the sheep/serfs seem fine to remain in denial about that.
Ohh.. and this is superb…
Again, I don’t expect you to like Dore, but it is indeed the case that with Stewart (and some others in the mainstream) now touting the ‘Wuhan lab leak theory’, its not longer deemed taboo, or a bannable offense on Twitter/FB/Youtube.
Lets be clear… its never been about the science. Its about what THEY DEEM AS ‘THE NARRATIVE’. If that doesn’t unsettle you, I’d check you have a pulse.
Goodnight from London