![]() ![]() At these price levels, oil and energy costs become a drag on the entire economy, as well as the lead factor in inflation. dollar could push oil above $90 dollars a barrel, possibly even up to the key psychological level of $100 a barrel. The combination of normal seasonal demand increases and the ever weakening U.S. $USL, the ETF that tracks oil on a 12-month basis, is currently in a very bullish uptrend. dollar will weaken considerably on the passing of yet more deficit spending right in front of the still unresolved debt ceiling issue. Also, the $3.5 trillion dollar human infrastructure bill has been reduced down to a more acceptable $1.75 trillion dollars, but has still not been passed. So be prepared for a repeat of that political drama in just a few short weeks. sovereign debt was delayed until December. federal government and the default on U.S. ![]() ![]() In the $QQQ ETF tracking stock for the NASDAQ 100 pictured below, the RSI seems to be putting in a lower high which is a bearish signal, and the MACD also seems to be indicating a reversal soon as the momentum is slowing down.įirst, on the political front, the near disastrous shut down of the U.S. Before we get into those expectations, let’s talk about some very important undercurrents and technical factors of importance. This latest up move has been driven by excellent earnings results, with a few noticeable exceptions. The perfect storm seems to have been averted for the moment. As the month of October comes to a close, the markets are once again near record highs. ![]()
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