US equities saw considerable OPEX chop, the SPX settling +23pts (0.4%) to 5864, which made for a net weekly gain of +49pts (0.8%).
sp’weekly1b
Summary
SPX: a sixth consecutive net weekly gain. Weekly momentum ticked upward, and is on the moderately high side. Structure of an ascending wedge has arguably been violated. Some in chart-land have the upper trend line slightly higher. Regardless… new historic high… m/t bullish.
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Dear Subscriber
With nine trading days left of October, the SPX is currently +102pts (1.8%) at 5864, having printed a new hist’ high of 5878.
We’re set for another monthly settlement far above the monthly 10MA – currently 5376, as the m/t trend remains unquestionably bullish.
At some point this is going to end… badly. For now… the cautious will merely be raising their stops… or ‘lightening up’, as Berkshire/Buffett have been doing for some considerable time.
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The election
As a distant observer to the USA, I see Trump on track for victory. Kamala’s campaign is a disaster, but some 30/35% of the US populace will still vote for her.
Trump can’t be seen as a ‘sure thing’, not least after 2020. Elon argues if Trump doesn’t win, it will be the last election, and I agree.
For the record… I will hope Trump wins, but neither do I see Mr Operation Warp Speed as the saviour some hope he will be. RFK, Ms. Gabbard, Elon, and perhaps even Tucker Carlson will help in some way.
In any case… I’m anxiously waiting, and I can’t imagine how stressed most of you are, wondering who will win this political freakshow. One way or another… it will soon be resolved.
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Miscell’ things
Ms. Cambone with the Faber
He is something of a wild card… and I like that in a person.
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Lin with guest… chicken.
Oil hyper spiking >$100 appears an eventuality.
However, not everyone is bullish black gold…
Szafron of Kitco with guest Ms. Ibrahim.
If anything, I try to highlight both sides of an argument.
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The weekly wrap on geo-politics.
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The Celente is one of the few who called this year… ‘the year for gold’.
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The weekend
Two days to rest and recover won’t be enough. I’ve sideline entertainment from Mine Rescue, Bering Sea Gold, and I’ll likely watch another three episodes, to finish season one of Breaking Bad.
As ever, feel free to message me via X, Disqus or email.
Sincerely, have a restful weekend, and goodnight from London
yours… Philip
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The weekend post will appear Sat’ 12pm EDT @ https://tradingsunset.blogspot.com, and will detail six of the US equity indexes (weekly candle charts).
X: I should probably give some coverage to the precious metals and related miners on Saturday, and cover earnings Sunday evening. As ever… if there something you’d like me to highlight, let me know.