Wednesday, 18 April 2018

Looking ahead

It was a day of mostly minor chop in equity land, with the sp' settling +0.1% at 2708. Meanwhile, oil remains very strong, breaking a new multi-year high of $68.72.


WTIC weekly


sp: as things are, the sp' is comfortably on track for a second consecutive net weekly gain. It could certainly be argued price structure since late January is a giant bullish pennant, offering new historic highs this summer/autumn. Original big target of 2950/3047 would still be the more natural level at which this market might max out, whether you start from early 2016... or even back to March 2009.

WTIC: a net daily gain of 2.9% to $68.47, as a more natural s/t high would be from psy'70. Jim Iuorio is seeking a near term top, with a downside target of the $63s, and his view is always to be considered.

Looking ahead

Thursday will see the usual week jobs, phil' fed, and leading indicators.

Key earnings: BK, BX, and NVS.

Earnings continue to come in fine...

Its merits some reflection that the earnings beats are on analysts estimates that have generally been recently raised . AXP is fine, but far superior alts are MA and V.  Alcoa is warning of a global aluminum deficit for 2018, and it'll perhaps be useful to check on aluminum prices at least occasionally this summer.

Normal service to resume

Today sure didn't go as planned. I woke up, boot up my desktop, only to find my private server was offline (malicious attack). So, it was back to my old home here. Tomorrow I'll be back at

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A taste of summer
Goodnight from London
*the next post on this page will appear Thurs', around 6pm EST.