It was a rather typical turnaround Tuesday, with the SPX swinging from an early low of 3678, to break a new historic high of 3708, and settling +10pts (0.3%) to 3702. Meanwhile, WTIC cooled by -16cents (0.3%) to $45.60.
sp’weekly1b
WTIC daily
Summary
sp: today was yet another example of how the cooling waves we see, are brief… and weak. Regardless of how the rest of the week trades, with a new historic high in the low 3700s, it has to be seen as just another week for the equity bulls. Tom Lee’s end year target of 3800 has come within just 2.5% of being hit.
wtic: a second day of cooling for oil, but it changes little, as the door remains wide open to psy’50, with secondary of the 52s.
–
Looking ahead
Wednesday will see JOLTS, Wholesale invent’, EIA Pet’
Earnings: CPB, ADBE, RH
–
PF chart of the day
The computer has a pretty bullish target of the $33s
Carnival, monthly
Note the November close above the key 10MA. Monthly momentum is set to turn positive at the Jan’4th 2021 open. The stock is now above key price threshold, and set to take out the June high of $25.27. From there, its open air to the 35/36 area.
For the record, I don’t much like the stock/sector, but the s/t trend is bullish, and the m/t trend appears set to turn bullish in early 2021.
—
Final note…
Its been two months since my tier’1 garbage landlord had their lousy contractor remove my central heating, and was then unable to install a new one.
I have one oil filled (electric powered) radiator, so… at least I won’t be too cold to type this winter. That doesn’t solve the problem of no running hot water though, which is an increasingly burdensome thing to work around.
Maybe sometime in the next few weeks, I’ll find the energy and time to collate some papers, and file a suit against my garbage landlord for failure to provide service.
Goodnight from London
Yours… less cold