Keybot the Quant remains long. The bulls came to play this week out of the gate on Monday morning. Donnie Trump is elected president creating a rally and then Pope Powell blesses stocks again yesterday. Everyone sees nothing but blue skies, rainbows and puppy dogs ahead.
Copper is persnickety this week with radical ups and downs. CPER 27.44 is the bull/bear line in the sand which may give-way after the opening bell in the US. The bears need a drop of -1.4% in copper futures that are down -1.9% in real-time so the bears are trying to stop the stock market rally by wrestling Dr Copper to the ground. China is going to release some policy decisions today that may send copper wildly one way or the other.
Start paying attention to utilities again. Utes got caught up in the AI hype due to the increased need for power. UTIL climbed higher like a tech stock. For all of next week, UTIL 1018.46 is a key bull/bear line in the sand. Watch price today because if UTIL finishes the week below 1018, that tells you that stocks will be soggy come Monday. If UTIL finishes the week above 1019, that tells you that the blue skies, rainbows and puppy dogs are real. Even the White Rabbit.
The bull are in charge with the algo number a big 44 points above the signal line. Weaker copper and utilities will cap the stock market rally but the bears will still need weakness in semiconductors, or a pop in volatility, to set the model up for a potential move to the short side.
Keybot prints a pre-scheduled number this morning shortly after the opening bell. Copper, utilities, chips and volatility matter in that order for stock market direction; nothing else does. Watch the UTIL 1018 line in the sand today since it will tell you how things will set up for Monday.
11/10/24;
7:00 PM EST =
11/8/24;
10:00 AM EST =
11/7/24;
9:36 AM EST = +64; signal line is +20
11/6/24;
9:36 AM EST = +48; signal line is +19
11/6/24;
3:06 AM EST = +48; signal line is +18
11/4/24; 9:36 AM EST = +34; signal line is +17
11/3/24; 7:00 PM EST = +4; signal line is +17
but algorithm remains long
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.