US equities saw very significant post election gains, the SPX printing 3486, and settling +74pts (2.2%) to 3443. Meanwhile, WTIC settled +$1.39 (4.0%) to $39.15.
sp’weekly1b
WTIC daily
Summary
sp: A day of very significant/powerful gains, with a decisive break above the weekly 10MA. The bulls should be content with any weekly close much above >3400. Weekly momentum is starting to tick back upward, set to turn positive within 1-2 weeks.
The bulls could argue price structure since August has just been consolidation/chop after the hyper ramp from March. Further, price structure is a bullish pennant. For provisional confirmation, need to break/hold above the Oct’ high of 3549.
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wtic: oil climbed for a third day. Now its simply a case of whether it can clear major resistance of the 42/43s. A cooler dollar would help, along with (at least some chatter) of stim’ bill 4.
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Looking ahead
Thursday will see the usual Weekly jobs, and Productivity/Costs.
Earnings: BABA, GOLD, GM, AZN, REGN, AMRN, BMY, CRON, PZZA, TEVA, SQ, ROKU, PTON, NET, SPCE, TTD, DBX, AYX, UBER
Event: FOMC announcement 2pm. Press conf’ 2.30pm. Its possible, if not probable that Print Central will announce ‘yield curve controls’.
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PF chart of the day
Yesterday saw Newmont break above s/t trend. The computer has flipped from a bearish target of the $55s to the $83s.
Newmont, monthly
Note the Oct’ spike floor from just above the monthly 10MA. Multi-week/month price structure is a bull flag. Upper bollinger is currently offering the $73s, and that will be in the 80s within another month or so. Yours truly would lean to Barrick Gold, or the generic ETF of GDX.
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An election note…
Yours truly is frankly horrified at the distinct possibility that Biden/Harris might win. Is it really mail ballot fraud? Even if it is, we’ll likely never know. In some ways… things won’t change, not least as the Fed will continue to print to help fund the US Govt.
Every day just gets more twisted and bizarre… not least in my own sick nation. The shops are closing, the people are more mentally unstable, and the UK government appears set to eventually move to mandated, and largely untested vaccines. Yours truly won’t adhere to any such mandated NAZI style ‘healthcare’.
Those of you within the USA, whether it is Trump or Biden/Harris who eventually leads you for the next few years, you’re still in a far better place than here.
Goodnight from London
Yours, cold (4c / 39f)…. wondering if my pipes will soon freeze/burst.
Day’28, no heating, no running hot water… perhaps ever again.