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A sixth consecutive net monthly gain, having broken a new hist’ high of 6920. Monthly momentum is increasingly positive, and is on the moderately high side. A sixth consecutive settlement above the monthly 10MA (6162), as the mid/long term trend is unquestionably bullish. RSI 75s is overbought. Vol’ was a pretty high 69bn.

With just one sixth left of the year…

Ytd perform’

Silver +68.5%
Gold +52.3%
Copper +27.8%
SPX +16.3%
TLT +6.8%
WTIC -15.1%

Despite some cooling, it remains a year for the precious metals.
Equities are having a fine year.
Cheaper oil is the perhaps the biggest positive for the US/global economy.

BMY is net higher for the week by +4.1% at $45.62.
The weekly candle is bullish engulfing, with a spike floor from the $42s.
Indeed… the $42s are VERY powerful support, which is partly why I went long on Tuesday, ahead of earnings.
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CAH broke a new hist’ high, currently +17.3% in the $189s.
Weekly momentum has turned positive.
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ABBV is currently +0.1% at $228.20.
Weekly momentum is weakening, but multi-week structure is a bull flag.
Earnings are due early Friday, and should be good.

“Their stock market today, and our stock market today, hit an all time high, that means we’re doing something right” – Trump, with PM Takaichi of Japan

Full video…

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Japan, monthly

The Nikkei is higher for a seventh consecutive month, having broken a new hist’ high, currently net higher by a rather massive +14.2% at 51307.  I wonder how many are starting to ask ‘how long until 100K ?’

USA – Dow, monthly

The mighty Dow is higher for a sixth consecutive month, breaking a new hist’ high, currently net higher by +2.7% at 47632.

Psy’ 50K is clearly viable before year end.  As is the case for the Nikkei, I wonder how many are starting to ask ‘how long until 100K ?’

Gold is currently net lower for a second week, -$161 (3.9%) at $3950.
Psy’ $4K has decisively failed to hold.
Natural target… 3500/400s.
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Silver is currently net lower for a second week, -$1.54 (3.2%) at $47.05.
Natural target is psy’40/39 zone.
If correct… implications for the related miners.