Waiting for an oil impulse.
Updated
While i believe oil is going to make an impulse anytime time now i think there is a lower low to come. Once i see signs of the bottom im looking to buy.
Note
Mid week 24/10/2018 Oil - The current impulse is taking place and will go higher. But there is still a lower low to come which will give a better opportunity for the long run - Position= wait and buy when a bottom is forming.
Dollar -Its looking very bullish through the expected poor news from the ECB. Though i am still looking for a bearish dollar and believe this strength is temporary . For one reason while the dollar has been going up these last few days so has gold. Normally on real dollar strength gold will go down. Position = look for shorting positions on the dollar.
Stocks - S&P- The undercut came low which was expected and many people are calling for a recession. I believe this will happen end of 2019 to 2020. S&P will be making new highs soon and hitting the 3000 Position= buy and hold.
Gold- Just a simple buy and hold, this will soon take off. Position = buy and hold
Silver - Same as gold . Position = Buy and hold
Natgas - The has recently made some impressive gains though now thy look as if they have come to an end . Position= ive closed my longs and now gas is coming down.
A stock i'm watching : NWL : Its currently at a multi year low and has consistently dropped since June 2017. The reason for the drop was because the over payment of an acquisition Jarden. The management have released a credible plan and there are signs that the price is starting to bottom. Inside trading has also been very active with over $91 million spent on inside buying within the last 3 months. The dividend is the bonus at 5.43%.
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Note
Just my thoughts for the coming week 27/10/2018SPX This is still only showing signs of a correction, There is no catalyst taking place and the current drop is only 11.8 % .All well within correction boundaries. Until any other sign shows otherwise all dips are buying opportunities.
Dollar: Many Usd pairs are showing reversal signs and or extremes. The dollar on daily has also printed a reversal on Friday of close. While currently its still in the bull trend i would rather wait and enter shorting the dollar when the opportunity presents.To keep the economy going trump does want a weaker dollar.
Oil: The impulse to bull is still taking place and im expecting further bull moves to around $70 , then oil will start making lower lows. I will be buying once the low comes in.
Gold: This is clearly a bull but there is some pull back on the horizon. New highs have been made last week but this week could get rocky before further gains are made. Im still going to hold my longs on gold as there is alot more upside to come.
Silver: This initially lead the way for gold but is having real trouble breaking the 14.66 level. It has now tried 18 trading days (nearly a month) and its still not broken. Silver overall though is still a buy , but like gold this week there is a chance of a surprise pull back.
A company worth checking out: AT&T . This is suffering bad in the current turmoil and has hit a multi year low. The stock price is very much under valued . Current valuation from the books show its worth to be around $65.16 but from the correction taking place the market share price is on sale at $29.09.
What are your thoughts?
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