Equities began the short week on a moderately positive note, the SPX printing a new cycle high of 4784, and settling +0.4% to 4774. Meanwhile, WTIC settled +$2.01 (2.7%) to $75.57.
sp’weekly1b
WTIC daily
Summary
SPX: a ninth week higher. S/t momentum is still ticking upward, and is on the high side. Bears have nothing to tout unless a close under the 10MA (4541), and that will soon be in the 4600s.
WTIC: an overnight/early low of $73.13, but settling in the mid $75s. Next resistance are the intersecting 200/50dma $77s.
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Looking ahead
Wednesday has nothing on the schedule.
Event: the UK/European markets will actually be open.
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Final note
Newmont settled Tuesday -0.4% to $41.91.
More broadly, its net higher for December by +4.3%.
Monthly momentum is due to turn positive next week.
Computer has a bullish target of the $55s, which looks realistic within Feb/March.
I like the company/sector, and remain long the stock, and might buy back the 50% I sold last Friday. I’m increasingly inclined to also pick up some GLD CALLS, as Gold looks on track for 2400/2500 within March/April.
Computer holds a bullish target of $2579.
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*I’ve not watched this yet, but velocity of money is a key issue.
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Bullish energy.
Goodnight from London