sp'weekly1b
WTIC weekly
Summary
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.
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Looking ahead
Thursday will see the usual week jobs, phil' fed, and leading indicators.
Key earnings: BK, BX, and NVS.
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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.
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Normal service to resume
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| A taste of summer |
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