Equities were choppy, if still leaning on the positive side, the SPX settling +0.7% to 4439. Meanwhile, WTIC settled +$1.84 (2.5%) to $74.83
sp’weekly1b
WTIC daily
Summary
SPX: If 4458 is cleared… its open air to around psy’4500. I’d note the upper weekly bollinger is already offering 4517.
WTIC: oil climbed for the 7th day of 9, helped by the positive main market, and the marginally weaker dollar. I’d note the 200dma in the $77s. Any price action >$78 would be decisive, and offer a grander run to around psy’ $100.
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Looking ahead
Wednesday will see the latest CPI, consensus:
Headline y/y: 3.1% vs 4.0% prior
Core y/y: 5.0% vs 5.3% prior
Other data: EIA Pet’, Fed beige book (2pm)
Earnings: –
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Final note
The latest death data…
Excess death rate: 9.7%, of which 1.2% were being linked to C19.
… roughly… some 50,000 a year, and few want to hear it.
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The very latest.
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Drilling upward…
Transocean, monthly
RIG printed a new multi-year high of $8.25. We’ve natural price magnet of psy’ $10.00, and I’d note the 2018 high of $14.47.
… the computer has a target of $12.50, a clear 50% higher.
To be clear, I’ve issues with the company as its been unprofitable for some years. The more cautious will lean to mid tier names like OXY, SLB, or DVN and KMI for a yield.
Goodnight from London