Farmer @ Johnsongrass, TX said:
CC09LawAg said:
XOM down a little today but seems to not be reacting to the overall downward trend. I'm going to hop back in once I get a little more confirmation it is staying steady.
I think you'll be fine. Monday's always allow XOM traders a buying opportunity in the mornings to sell in the afternoons (should you get nervous).
If you're a CPI player. My old posts reflect that CPI will not/should not see any improvements because of the way it's calculated in YoY fashion. On Oct 13th, the CPI print will replace the Sep 2021 monthly increase of 0.4% and therefore no real help to the market from CPI. However, as we enter the 4th Quarter, the new CPI's will replace, October 2021 = 0.9%; November 2021 = 0.7%; and December 2021 = 0.6%. As these data points roll off, the annualized rate will remain high, but the 6 month annualized rate will be in the area of 2%. The CPI on the 13th "may" allow you a cheaper XOM entrance, but I am not sure about that based on all the other worldly factors. Going back to CPI, after Powell has a couple more rate hikes in 2022,....we roll into 2023 and likely have the Fed revisit their stance because of economic improvement (see my comment on 6 month annualized rate), we should be challenging the S&P 500 ATH by June 2023. Yeah, you can bookmark this. The largest wild card will be Russia/Ukraine and I'm banking on them still in turmoil by the time we reach June 2023.
ETA: Still banging my drum
UPDATING October 10th post above:
The Mid-Term Election Year Buying Opportunity that I noted has occurred for the last 60 years (except twice in the cycle) I thought would occur in 2022 down to a S&P 3,400 level. I am stating 3,400 is not going to happen in 2022 and the market low is in. ............ The June 16th Closing Low of 3,666.77 and then the retests of that low on Sep 30th of 3585.62, the Oct 11th 3,588.84, the Oct 12th 3,577.03 and Oct 14th 3,583.07, all on a Closing basis have established the floor IMO. IMO, I believe any re-visit to the 3,575 to 3,675 area is a buying opportunity. With 3,400 no longer in my picture, it directs me to change the challenging of the S&P 500 ATH to the second half of 2023 versus "by June 2023" as noted in the post above.