SYA Daily Report, page-350

Another start, will we make it this time?

Yes SYA gained 6 pips to finish at 7.8c. Our volume was very good - just over 189m shares traded. A great announcement. If we were not getting battered and were trading normally, these results would have given us 15/20 % gain, but still not bad, above 8%. Made a high of 8.1. As I have been writing before as well, we need a follow up - a few days in green to get over this downtrend. Lets hope this start is the one. Personally bought on open at 7.5, holding for now. Yesterday it looked very attractive around 7, but I am still wary of shorters so didn't buy yesterday.
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ASX Li stocks were mixed but most stocks looked happy. Of the 96 stocks that I track, average gain was 1%.
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Overnight US Li stocks too were mixed and it finished flat on average. Although some stocks made good green, others like ALB still in panic mode and making fresh 52 week lows - seems no end for it.
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What next:
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SP 500 had a very good day yesterday, gaining over 1% to finish on 4237. ASX too rode the wave to be around 0.9% ahead
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So SP 500 has crossed a key resistance of 4200. In the Weekly Report on the weekend, I had said the probability is very good that we may have bottomed, also I gave 7/8 reasons why I think so. Last 3 days its played well, 3 greens in a row and above 4200. So a very good start and the concept of bottom which I mentioned on weekend is alive.
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Yesterday Mr Powell sounded slightly dovish, unusual for him. Stocks liked it.
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Lead indicators overall good. VIX is now below 17, so can be considered bullish, 10 Year Yield dropping too. Dollar Index wavering. Sentiment Indicator still on Fear though. Bitcoin, a very good lead indicator for stocks, has finally clear 35k - so good signs for stocks here.
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So what will happen tonight? UU Futures in slight green. Asian markets largely green. Some jobs data, some earnings - could provide small direction. So we seem to be in a roll, next stop for SP 500 is to get above a key moving average and a key level of 4300. Signs are good, except we have had 3 greens in a row, so sometimes small pause can happen. But Nov is a good month and it could continue its run. Will that happen?, Lets hope so. All the best..