ESS Daily Report, page-59

Is there a positivity in the air?

(will keep it short as covered some on the weekly report)

Yes ESS gained 13.5c to finish at 48c. Our volume was very good today, made up all the low volumes we were having for months, just over 24m shares traded. So we got an announcement and lot of discussion has already happened on other threads so will not write much. Only one thing - once every few weeks I had been writing that I feel this Li tenement will be given away. The history of ESS BOD is consistent - we have lot of percentages across a number of projects - this is because previously also ESS has done the same with other holdings. So nothing surprising there. What is surprising and disappointing is the timing. ESS was at is near 52 weeks low, markets were just turning around - why would you do it now?

ASX Li stocks had a decent day without being spectacular. Of the 73 stocks that I track, there was average gain of around 3%. What was slightly noticeable that many of the big stocks were either down or just marginally up - looked like Institutional holders were not buying today.
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What next:
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SP 500 sitting at critical level. On Friday it crossed 3900 but could not finish above that. There is a chance another attempt today. After 3900, next critical number is around 4000 mark, though there are some other numbers/gaps before that. If it goes down, rock bottom is 3750, but that is quite far away now, so anything around mid 3800.
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Personally, it was a hectic day for me. I am quite bullish for the short term and feel the test of 4000 which is due for sometime may happen soon. There are 3 critical events which will provide strong direction to market this week Powell speaking on Tuesday, CPI data on Thursday and a number of financial institutions Earning Report on Friday. So the rise may not be in a straight line. Of what I have read and analysed, many feel we may start sedately, get a jolt from Powell which may push us a bit down, then get a good CPI data to push us big forward - Earnings not sure. So the key is the CPI. My trading this week (and today) I am trying to follow this pattern and in between adding to long positions.
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So what will happen tonight? There is an air of positivity around. Sentiment level on the scale is not yet greedy - its around 46 - neutral. But I have seen a change - strong bearish outlook is not there now, it can come back, but many are hopeful. Asian markets did very well today. Futures slightly in green. We had a big rise on Friday, over 2% across the board. Probability is for a flat (slight red/green) day. Powell may take away a few points from us on Tuesday, so tonight is the time to put some runs on the board to cover that. Will that happen? Lets hope so. All the best.