Gas prices have soared this fall and governments across the world are finally taking action. The Biden administration along with China, India, South Korea, Japan, and Britain are tapping oil reserves. This will increase supply, which should provide downward pressure on prices and help inflation levels stabilize.
Since the announcement, crude oil prices are steady below $80. But bonds are still relatively high. The market doesn’t have a lot of faith in the government’s moves.
The SPY is consolidating near all-time highs while the Russell 2000 might have finally found support after a weeks-long sell-off.
The VIX is higher than the bulls would like, but the put-to-call ratio has finally returned to middle-of-the-road levels. This means the market doesn’t have a lot of pressure one way or the other. Which given the season I believe favors the bulls.
I expect a strong rally into the end of the year. I’ve been loading up on some speculative positions, most notably LTRY. VRAR and SEV are worth keeping an eye on too.
Bitcoin is still holding the 50-day moving average. I’m watching for an upside breakout any day now.
I’ll likely wait until Monday before making any significant trades. Enjoy the longish weekend and happy Thanksgiving! Remember markets are closed tomorrow and Friday is a shortened day.
*ISPC is on watch
*KTTA is on watch
*BMTX has resistance at $15
*DOGZ has support at $5
QLNG watching for a setup above $2.50
PLIN has support at $1.60
CHS watching for a setup above $7
OTC Stocks, No levels:
HMBL, TIIAY, SNPW