Glorious Information

25 October 2016, 08:06
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**** A Little T&A **** 
* PLATINUM bullish - Last week I posted PLATINUM at $935. Since then it sharply tested a short-term resistance at $952 before retreating followed by a move up to $947.75. I'm anticipating a big move to near or above $1025. On the first day I get a big bullish signal I'll post a hard target. Obviously I'm bullish on SILVER and GOLD, silver has been trending up nicely with a chart that illustrates control that reminds me of how a snowboarder carves.
* BRENT CRUDE OIL bearish - Crude has been struggling on the upside since it rebounded from $50.50 to $51.50 yesterday as illustrated by the 30-minute chart. On the daily chart it has been showing weakness by trading sideways for an extended period with support non-withstanding.  I anticipate that within 2 weeks bids will fracture suddenly and the price will plunge to around $48. Until then I wouldn't count out upside above $52. Meanwhile NATURAL GAS continued to pullback from $3 to $2.8 definitively breaking its' uptrend. I anticipate it will regroup up closer to $3, a good selling point although at the moment I prefer BRENT CRUDE as my choice energy instrument to short. 
***** Macro-Market Highlights ****
** Picture Shanghai Composite
* US Dollar advanced against all major currencies today continuing its' weekly winning streak while the Canadian Dollar lost across the board against the majors. 
* Discount brokerage TD Ameritrade agreed to buy Scottrade for $2.7B which combined hold around $1T in assets.
* Shanghai leads the major stock indexes posting 1.21% in gains amidst the Chinese Yuan dropping to record lows while the NASDAQ posted an exact 1% gain. London's FTSE 100 posted a 0.49% loss. The Borsa 100 Istanbul index posted 1.38% gains by close. This looks like a bullish sign for the S&P 500 with a 2-week outlook.
* Technology was the leading sector in US trading posting 1.26% in gains compared to the only losing sector, that sector being healthcare. I presume healthcare was dragged down by bio-tech which is saturated with trashy small-mid caps. 
* 5 year treasury bond yields jumped 4.10% yielding a meagre 1.27%. 
* Major currencies traded in a tight range except for the Japanese Yen which nudged below short-term support. It appears the Japanese Yen is reversing bearish with a 3-month outlook and could post downside greater than 5% within that time period. 
* Obamacare premiums rise sharply reports Washington Times.
* Goldman Sachs cut S&P 500 earnings outlook for 2016 and 2017 concurring with my hypothesis that revenues and profits among the largest corporations will continue to stagnate. Allegedly Goldman largely blamed big players in Silicon Valley and Wall Street although personally I tend to blame overdone monetary policy and regulation. 
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