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1. Earnings are starting to pour in. Tonight, everyone will be watching Tesla earnings. If the company can report another profitable quarter it will qualify to get into the S&P 500 Index. That means that many fund managers will be forced to buy the stock as part of their portfolio. Microsoft, Las Vegas Sands and Whirlpool will be the big names reporting earnings tonight after the close.
2. Tesla is the big one. If they have earnings they’re a lock on the S&P listing. This will result in major fund buying of the stock, so look out above.
3. Gold and Silver hit $23 on the futures. It broke through $20 and $21. Parabolic move means there’s going to be a pullback to $20-$21 and then a major move to $30, $35, $40, all the way up to $50. This is stage 1 of a 5-6 wave move. Kind of like Tesla or the biotech. Silver is still very low compared to gold. The gold to silver ratio could go down to 60.
4. Oil inventory released today. Crude was up and gasoline down slightly. Pattern is still higher for oil. No one was expecting $40 oil, but here we are. The chart pattern is still good. USO could still move. It’s been revamped, but it could go higher still. It might gain some back if oil. We’ve living in an upside down world.
G-man you have been rocking it! I’ve made more in the past month than ever. Been trading with you for years, this is the best W:L record anywhere Nobody else even comes close.
— Mike Wells (@tastytradeninja) September 24, 2020