Wednesday 18 November 2015

10am update - opening gains

US equities open moderately higher, back in the sp'2060s, but the gains look vulnerable.. not least if the EIA report upsets the Oil market. Metals are seeing minor chop, Gold u/c, with Silver -0.4%. Oil is +1.0% in the $42s.


sp'60min



USO'daily2


Summary

*daily Oil chart is suggestive the down trend is likely ending... even if inventories remain on the high side. The bigger weekly cycle remains outright bearish.
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A move >sp'2065 is clearly important.... and if so.. it merely confirms yesterday was just the market forming a baby bull flag... before resuming higher.

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notable strength: AAPL


If there is one stock the bull maniacs need to see break much higher... its AAPL.
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stay tuned... the EIA report is due at 10.30am...
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10.30am.. net build.  0.25million barrels...   one of the lowest in recent months...

Oil is choppy.. +0.7%.

Equities stuck at resistance.. sp'2062/63