Crosscurrents In The Market Please click here for an enlarged chart of United States Oil ETF (NYSE:USO). Note the following: The chart shows that oil ETF USO is rising today.
The chart shows that oil ETF USO is threatening to break above zone 1 (resistance). Prudent investors should note a divergence in that the Iran fear is only a small fraction of what it was back in May, but oil ETF USO is now higher than it was in May.
There are three reasons for the move up in oil this morning: Iran’s Islamic Revolutionary Guard Corps (IRGC) spokesman Hossein Mohebi is saying that IRGC is shifting to an "offensive and asymmetrical" defense doctrine. S.
bases, other countries, and oil tankers in its defense. Three other ships caught fire when they hit mines.
S. and Israel are ready with plans to strike Iran after the midterm elections.
S. is in the process of giving Russia what Russia wants without any concessions from Russia on Ukraine.
S. envoy Steve Witkoff in which President Putin apparently showed willingness to resume peace talks, Russia launched a massive missile attack on Ukraine’s capital Kyiv.
Concern is also mounting of a potential Democratic sweep in the midterm election. 54% as of this writing in the premarket.
As the day progresses, prudent investors should watch which one of the two scenarios materializes – momo gurus succeeding or momo accounts being hit with margin calls. S.
2% as of this writing in the premarket. 0% as of this writing in the premarket.
Initial jobless claims came at 194K vs. This indicates the jobs picture is staying strong, at least for the time being.
In the early trade, money flows are neutral in Apple Inc (AAPL). com, Inc.
(NASDAQ:AMZN), NVIDIA Corp (NASDAQ:NVDA), Microsoft Corp (NASDAQ:MSFT), Alphabet Inc Class C (NASDAQ:GOOG), Meta (NASDAQ:META), and Tesla (NASDAQ:TSLA). In the early trade, money flows are negative in SPDR S&P 500 ETF Trust (NYSE:SPY) and Nasdaq 100 ETF (NASDAQ:QQQ).
The most popular ETF for oil is United States Oil ETF (USO). Bitcoin Bitcoin (CRYPTO: BTC) is seeing selling.
What To Do Now Consider continuing to hold good, very long term, existing positions and add tactical positions based on signals. The Arora Report is known for its accurate calls.
Most recently, we correctly called the rally from recent stock market lows and the 2026 semiconductor decline before a 25% drop in the Semiconductor ETF (SMH). In gold, we bought at an average price near $1,105, close to cycle lows, and took partial profits near $5,400, close to cycle highs.
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