It was a day for the equity bears, the SPX settling -55pts (1.2%) to 4456. Meanwhile, WTIC settled +$5.66 (5.2%) to $114.93.
sp’weekly1b
WTIC daily
Summary
SPX: Is 4522 a key bounce high? The daily cycles are offering a provisional rollover. Bears need to see <4400 to turn things ‘interesting’ again. I don’t expect a March settlement >4500, but if Mr Market wants to confuse the most… it’ll settle next Thursday in the mid 4400s.
WTIC: oil climbed for the 4th day of 5, printing $115.40. Daily momentum is due to turn positive at the Thursday open. Resistance 120/123 zone. I do expect the recent $130s to be cleared… whether within April, or shortly after.
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Looking ahead
Thursday will see Weekly jobs, Durable goods, PMI manu’, PMI serv’
Earning: DRI, NIO
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PF chart of the day
Computer has a bullish target of the $87s.
Devon Energy, monthly
Devon Energy is higher for the 16th month of 17, which is one hell of a run. Its a stock I tend to overlook (I can’t track them all), but a few of you kindly remind me at times!
Soft target are the 2014 $64s, and then the 2008 historic high of the $94s. RSI 83s is wildly over-stretched, but you’d have to be crazy to short anything energy related, right?
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Final note
Here in the land of $8 gasoline, where the skyline is rife with cranes…
https://www.bbc.co.uk/news/business-60846951
Living standards are on the decline, not least via rising energy costs. UK utilities will raise electric & Nat’ gas prices by around 54% in early April. Even the mainstream are now touting a further 40% increase at the next review in October.
Yours truly took out a two year fixed price contract in Sept’2021. Its certainly been one of my better decisions this past year. However, I am clearly going to have to prepare for my bill to climb by around 150/200% in Sept’2023.
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Indeed, the C19 hysteria saw even some with Nobel prizes get slated for having views that didn’t match the mainstream narrative. I won’t forget or forgive what some did.
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Interesting chatter on the Russian aviation sector, which has been effectively banned from most of the planet.
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I’d guess a fair number of you have used LaGuardia.
I’ve long been inspired by infrastructure projects, especially mass transit.
Goodnight from London