Tuesday 24 November 2015

2pm update - significant recovery

US equities have seen a significant recovery from the morning low of sp'2070... back into the 2090s, and it is notable that we're just 2% shy of a new historic high. Oil is holding sig' gains of 2.3%, and that is certainly helping the broader market.


sp'daily5


USO'daily2


Summary

*the daily sp'500 candle is particularly bullish, with a clear spike from the 50% fib' retrace of 2070.

Frankly.. it bodes especially bad for the equity bears.. as the 2100s are now within reach even before the Thanksgiving break.
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Regardless of whether we close net higher.. or a little lower... today has been another example of the underlying upward pressure in this market.

I would dare say.. if you don't get it by now... after all these years...
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notable strength

CREE +2.8%.. in the $27s

miners, GDX +3.5%.. as Gold +$6

oil/gas drillers, RIG +4.2%... as Oil looks set to climb into early December.

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back at 3pm