It was a choppy day in equity land, the SPX printing 3644, but recovering to 3670, and settling +6pts (0.2%) to 3669. Meanwhile, WTIC settled +73cents (1.6%) to $45.28.
sp’weekly1b
WTIC daily
Summary
sp: today was yet another example of how cooling waves remain mostly moderate, with typical latter day recoveries. The fact most indexes managed new daily gains (if only fractional) is extra annoying for those trying to short this market.
Regardless of how the remaining two days of the week trade, with a new hist’ high of 3678, its to be seen as a week (and month) for the equity bulls.
wtic: oil swung from $43.92 to $45.92, as price structure of a bull flag is seemingly set to play out. Psy’50 really isn’t that far up, with secondary of the 52s. The cooler dollar continues to pressure oil upward.
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Looking ahead
Thursday will see the usual Weekly jobs, and PMI/ISM serv’
Earnings: KR, DG, SIG, CBRL, CLDR, DOCU, MRVL, SWBI, ULTA, MIK
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PF chart of the day
The computer has a PF target of the $165s
(see number top left, the right RED number is skewed due to the $2 increments).
CRM, monthly
Salesforce was hit again today… for what is partly a case of post (good) earnings depression, but mostly due to the old ‘whack the bidder of a company lower’ syndrome. Its just one of those things the market tends to do.
I would note the monthly 10MA in the $208s, which I do expect to broadly hold. At most… there is psy’200, where the 200dma is lurking. The purchase of Slack Tech’ is a positive.
The bulls can argue multi-month price structure is a bull flag, offering new historic highs (>284s) by the late spring, for what is one of the newer Dow components.
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Final note…
The clowns were in my street earlier today. Their slogan ‘rely on us to keep you warm’ is truly ironic.
Its been almost two months since they ripped out my old central heating system, and then just walked away. My tier’1 garbage landlord has literally NOTHING to say, not least after I threatened to sue them for failing to provide service.
So… I’ve still no heating, and no running hot water, with zero hope of that changing for months… if ever.
Indeed, I’m likely going to need to invest the time and money to file a suit against my landlord – whose contractor, Swale Heating, have made my life even more difficult. I’m also tempted to create a few independent websites, and highlight what these clowns have done to me since mid June.
I hope things in your world are less…. problematic.
Yours… with an electric heater in a box, for when it gets too cold to type.
Goodnight from London