US equity indexes mostly closed on a weak note, the settling SPX -16pts (0.4%) at 3647. Meanwhile, WTIC gained +42cents (0.9%) to $46.99.
sp'weekly1b
WTIC daily
Summary
sp: A moderate net daily decline, although we came pretty close to last week's historic high. I would note the 10MA has risen to 3551... and unless we break it, the bulls have no reason for sleepless nights.
wtic: a choppy day for oil, if helped by the cooler dollar. The door remains wide open to psy' $50, with secondary of the $52s. How long until the mainstream start getting twitchy about higher fuel/energy prices?
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Miscell' chart - SPX'60min
The closing hour sure wasn't pretty, as s/t momentum is set to turn negative at the Tuesday open. It is supportive to the notion we'll open weak, but then a turnaround... with renewed upside (if choppy) ahead of the fed.
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Looking ahead
Tuesday will see Import/export prices, Empire state, Indust' prod'
Earnings: none.
Event: It will day'1 of the FOMC. The announcement is due Wed' 2pm.
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PF chart of the day
The computer has a bullish target of the $203s.
Disney, monthly
Whilst Disney settled Monday -3.6% to $169.30, its still net higher for December by a massive +14.4%. Yes, its s/t over-stretched, but a push >psy'200 is clearly realistic in early 2021.
Last Thursday's announcement of a literal truck load of new shows for both the Marvel and Star Wars universes have reminded many that Disneyplus is arguably now the flagship product/service for Disney. I still think its probable we'll see a $1 monthly subscription price hike announced by the spring. Frankly, many tens of millions of the Marvel and Star Wars fans would pay double or triple for the service. I have spoken.
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Subscriber note: A messy day, and I should have 'waved the white flag' in early morning, and just post via this page. If things aren't back tomorrow, I will just post on THIS page across the day.
Goodnight from London
