It was yet another day of algobot upward melt, with the SPX printing a new historic high of 4461, and settling +13pts (0.3%) to 4460. Meanwhile, WTIC settled -16cents (0.2%) to $69.09.
sp’weekly1b
WTIC daily
Summary
sp: With a new hist’ high of 4461, it was just another day for the bulls. Upper weekly bollinger will be offering the 4500s next week. I’d accept if we’re to see 4900/5100 before year end, we need to see an acceleration of trend.
wtic: oil saw considerable chop within the 68/69s. A weekly close >psy’ $70 would be a bonus to the oil/energy bulls. A push above the decisive $77.00 threshold appears due in September, which will give full confidence of giant psy’ $100.
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Looking ahead
Thursday will see Import/export prices, consumer sent’.
Earnings: none.
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PF chart of the day
Computer has a bullish target of $39.50.
Cleveland Cliffs, monthly
CLF is higher for a fourth consecutive month, currently +2.9% at $25.72. The stock has just recently tested key price threshold of the $26s. Any price action >27 would be decisive, and offer next resistance of 39/40s… which is effectively in sync with the PF target.
I don’t hold CLF, nor sister stock X. I should, but I’m maxed out already, and would need to sell something, perhaps trim some of my energy stocks, whether tomorrow or next week.
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Final note…
In early morning, Twitter was pushing the usual propaganda…
… and highlighting the Schwarzenegger, who is one of many, touting that freedoms no longer apply.
You know what freedoms you truly have, when times are difficult. It should be clear, most governments see their populace as nothing less than disposable cattle.
We made it through another day on planet crazy. In that respect, I congratulate you, for its an achievement in itself. Tomorrow is a Friday the 13th… what could possibly go wrong?
Goodnight from London