Thursday, 12 October 2017

Do you fear Friday the 13th?

It was not exactly the most exciting of days, with the sp'500 seeing a trading range of just 7.02pts. Tomorrow is Friday 13th, and at least some of you will have a case of Triskaidekaphobia. The daily price momentum cycles are increasingly swinging back toward the equity bears, and tomorrow might actually see some significant price action.


WTIC, daily


sp: As things are, it won't take much of a Friday fall to result in a net weekly decline. For a bearish engulfing candle, bears need <2520, and that looks out of range. Note the lower bollinger, currently at 2389. That could only possibly be seen if there is a North Korean atmospheric nuclear test, which would surely freak out the mainstream.

WTIC: inventory data was somewhat mixed today, and broadly, oil is mostly just churning around the psy' level of $50. What should be clear, the mid term bearish trend has concluded. An eventual run to the 54/55s looks viable before year end.

Looking ahead

Notable earnings: BAC and WFC.

Friday will see CPI, retail sales, busin' invent', consumer sent'.

There are a quartet of fed officials on the loose, all speaking at some conf' titled 'Are Rules Made to be Broken? Discretion and Monetary Policy'.

Normal service shall resume tomorrow

For you non subscribers out there, I hope you found today's postings at least marginally interesting, on what was a day of very minor chop.

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Goodnight from London

The next post on this page will likely appear Friday 6pm EST.