We finally had a positive follow-through day and have now had one of the best two-day records since March of 2020. It’s easy to get overly excited, but we’re still in a bear market and have a long way to go before we say the market bottom is in. However, this looks like a nice start to a rally from deeply oversold conditions. Keep in mind that going up by over 1400+ points in two days could bring a profit-taking day soon.
Here’s a daily chart of the SPY with potential resistance coming in around $378, $384.50, and $391.Â
Will OPEC rain on the bull parade? Crude Oil has been on a three-month slide, so the alliance of oil-producing countries threatened to cut production by more than 1 million barrels a day to bolster global oil prices. Crude surged by more than 6% on the news. Of course, the timing of all this is suspect since we’re a month before the mid-terms.
If they go through with the reduced production, some of the oil alternative companies could be back in play. The EV makers could benefit as long as the current administration doesn’t dip into its oil reserves.
What’s the one company I’m looking at to benefit from a decrease in oil production? Keep reading.
Everyone’s favorite EV maker, Tesla (TSLA) broke production records in Q3. Sales prices keep increasing and profit margins are getting better. The stock lost 20% in the last few weeks, making this an interesting time to dip back into the automaker. They report earnings after the market closes on Wednesday, October 19th, so you may want to wait if you’re not comfortable trading during earnings.
Here’s TSLA’s weekly chart.
Tesla can be a volatile stock – it’s true, but it does have a historical track record of doing well after Q3 earnings announcements, rising in seven of the last 11 years. With the stock at the bottom of a wedge formation, we could see the stock rip back up to $300.
Speaking of Elon Musk, he has once again proposed buying Twitter (TWTR) for his original offer price of $54.20/share, which was enough to cause the stock to be halted during the trading day yesterday, and it closed up after a 20%+ move. How many of you are in TWTR? Do you think the deal will go through or is this more of Musk wanting attention?
If you have any questions, comments, or anything we can help with, reach us at any time.
Email: [email protected]
Phone: (866) 257-3008
Â
Jeff
Guest Writer, Filthy Rich, Dirt Poor
Editor, Wealthy Investor Society
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