It was a bullish start to the week, the SPX printing a new hist’ high of 6698, and settling +29pts (0.4%) to 6693.
sp’weekly1b
Summary
SPX: new week… new high. The fibs have duly been adjusted upward, and its notable that the 38% fib’ now stands at 5986, which is effectively around natural target of 6K. Weekly momentum is on the moderately high side.
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Stock of the day
B, daily
Barrick Mining powered upward, +7.2% to $35.26, on high vol of 49.9M
B, monthly
Despite today, Barrick is still below the 2011 hist’ high of $44.09, back when Gold $1920. All things considered… m/t bullish >$100. Given 4-6 years… $500… assumes gold sustainably >$10K
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Looking ahead
Tuesday will see PMI serv’ & manu’
Earnings: $AZO $MU $AIR $WOR $MLKN $AYTU
Event: Powell is due around 12.35pm. I guess the event will be streamed live.
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Final note
$6K gold… next year… probably.
I’d be open to $7-8K. If yes, then silver >$75.
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Mid/long term bullish the miners.
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… as the proxy war with Russia, remains set to turn into a direct war.
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… as Armstrong is rightly warning of a major ‘event’.
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HIGHLY recommended.
Yes, SPX 10K by 2029 looks realistic.
T 28mins, go get a tea or coffee first!
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I wonder just how dark and cold this winter will be.
Goodnight from London