Damn! The World is truly our Oyster!
On Tuesday evening 21 Jul 2020 1107pm, I emailed Clients my latest post titled 'Damn! The World is truly our Oyster!'.
Below is the full transcript of my write up:
So many things to share with you, so little time!
Gonna be a long post but first things first:
1. S&P500 Index (SPX):
Since my post on 22 Jun (one month already?) where I set the parameters for the S&P500 Index (SPX), it has gone nowhere for the past 4 weeks.
Now what did I say on 22 Jun?
'As the title aptly says 'The Bulls just wouldn't let up the Ghost' - if we do have a convincing breakout over the recent high at 3233, I'm afraid the bears may have to suffer yet another blow.'
With last night's breakout above 3233, as long as the Bollinger Bands (BB) midpoint is defended at all times, I likely have a bullish Cup & Handle Pattern implied target at SPX 3473+/-.
Saying that, beyond hitting this target I remain steadfast that we are likely to see a sizable pullback within late Q3 itself. Pls know your timeframe whether you are a trader or investor.
2. China (SSECOMP):
Yesterday morning's news (20 Jul) that 'China increases equity investment limit for insurers' truly sparked joy in me - https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/china-increases-equity-investment-limit-for-insurers-59485381
Pls see attached whatsapp broadcast to some of my clients yesterday morning which probably sparked joy in them too!
For clients who are on my Broadcast lists but somehow did not receive the above message, pls bear with me as I'm working on a new broadcast program for my clients! WATCH OUT FOR THIS!
Gold price has hit a 9-year HIGH tonight as I type - USD 1841!
Quote unquote from my 18 May post:
'Oh & one last thing, with the recent Spot Gold bullish Pennant Pattern (or arguable Symmetrical Triangle Pattern)breakout on Thursday (14 May), the pattern-implied new target zone is now 1823 - 2013 +/-, depending on how aggressive this Complex becomes..'
Now how will gold stocks behave next? Oh wait, I haven't even talked about SILVER yet!
4. Lastly & as usual, I will end with another whatsapp message to one of my clients just this morning (21 Jul). Pls take a quick look below as it aptly sums up my view on the 4 major mkts (US/China/HK/SG) as well as some of my trading positions** in US/HK & SG.
(**The stock names on the Whatsapp images are not a recommendation to buy. Pls do your own due diligence and assess your suitability before attempting any trades. Thank you)
Sorry no charts attached today as I'm quite in a rush to send this out.
Live Long & Trade Well!
Thank you & regards
Thomas Ng, CMT
Principal Trading Representative