Looking ahead

It was a day of considerable minor swings, if settling +0.8% to 4263. Meanwhile, WTIC settled -$5.01 (5.6%) to $84.22.

sp’weekly1b

WTIC daily

Summary

SPX: I would note the 10MA at 4401, and that will be in the 4370s next week. S/t bears should merely seek to hold below it.

WTIC: news that OPEC+ would maintain supply sure didn’t help. M/t bulls can argue its just the excuse for a s/t washout. My only real concern would be the main market. If equities do implode (SPX <4K), it would be a downward pressure on oil and the related energy stocks, but would still see them as a no-short.

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Looking ahead

Thursday will see Weekly jobs, intl’ trade

Earnings: STZ, CAG, LW, AEHR, LEVI
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Final note

The day began with…

If there is anything that annoys me, its seeing the mainstream hacks running with the ‘bad news is good news’ narrative. It should be clear, the Cramer et al merely want a return to ZIRP and QE.

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Its pretty incredible to see, if not surprising, as the UN – in tow with the psychopaths of the WEF, are now trying to shape monetary policy.

You know many want it to be raised to 4 or 5%, and then resume the printing on any number of excuses, such as ‘to stablise the bond market’ or ‘protect the American economy’.
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How big a bounce?


If you assume 4216 is a secure s/t low, how high might we bounce?
Basic fib’ retrace would offer around* 4338

*I say ‘around’, as stockcharts often has issues will precisely pinning a cycle high and low, and the numbers are (in this case) close… but not exact.

Secondary would be the 50%… around 4377.
Again, the 4370s… that’d be teal gap, and where the 50dma will be next week.

Maybe the bulls can manage that. Its difficult to think of an excuse.

Yours truly is content to see where we are this Friday. Generally, I do NOT like taking a short side trade ahead of the weekend, unless I’m expecting a major gap lower next Monday. Right now, I’ve low confidence of the latter. So… I’ll probably do nothing until next Mon/Tuesday’.

Call me overly cautious, but I’m trying to be careful, ahead of an eventual drop that should finally show some some sustained powerful downside. Basic target… psy’4K, with secondary 3600/3500s. The latter appears realistic by mid Nov’.

Goodnight from London