Russell Shor

The daily charts do suggest that a near term correction may be a risk.

Oil is moving higher today, following an up day on Friday. This follows a report in the Financial Times suggesting that Saudi Arabia will extend its current output restrictions until the spring, whilst other OPEC members consider further cuts. The FT article, citing unidentified people familiar with the discussions, submits that OPEC is unhappy about the current trend of declining oil prices and the humanitarian conditions in Gaza. OPEC is…

There is backlash regarding Elon Musk’s endorsement of anti-Semitic rhetoric on his social media platform X (formerly known as Twitter). In response, advertisers such as Apple, Disney, Lionsgate, the European Commission, and others have suspended their business at the social media company. Moreover, Tesla (TSLA.us) shareholders are questioning his leadership of that company.

The SPX500 is up over 7.5% for November, with almost two weeks left of the month. A good portion of the appreciation came on Tuesday, 14 November, when the CPI data was released, coming in better than expected. This has led to thinking that the current Fed hiking cycle has likely peaked.

Amazon (AMZN.us) announced yesterday that it will sell vehicles online from 2024. The first brand to be offered will be Hyundai, which named Amazon Web Services (AWS) as its preferred cloud-computing provider for online sales.

Oil prices are under pressure. FCXM’s CFD for Brent, UKOil, and its CFD for WTI, USOil, have charted a lower peak (LP) followed by a lower trough (LT) on their respective weekly charts. This puts both instruments into a defined downtrend on a significant time scale. The market is worried about demand, and this has contributed to the weakness.

The US 10-year real yield is charting a potential reversal pattern in its daily time frame – a head and shoulders top. The pattern has a downwards bias to it, as evident by the downwards sloping neckline (red trendline). The head and shoulders pattern will complete if the real yield breaks down below the neckline. The right shoulder was heavily influenced by the lower than anticipated CPI print on Tuesday,…

The NAS100 is showing signs of leadership. If it sustains, this will bode well for the risk side of the market, in general.

The Wall Street Journal, citing insider sources, reports that Intel stands as the prime contender to secure financial backing for the establishment of chip-manufacturing facilities aimed at diminishing the U.S. military's reliance on imports from Asia, most notably Taiwan.

Shares of AMZN.us have been positively buoyed by the company’s strong Q3 earnings, which beat Wall Street expectations on 27 October. As we look ahead to the coming year, Amazon stands out as a potential success story for investors. Amazon Web Services (AWS) is poised for significant growth, North American operating income has exceeded expectations, the international business is approaching break-even, and revenue continues to maintain a robust double-digit growth…

A week into November and the SPX500 is already up over 4% for the month. The index is currently near 4,360 but a close above 4,400 (green horizontal line) will be regarded as a bullish development.