Since we came back from vacation, I’ve written 3 Dailys. The first of these was on the Economic Modern Family and how it opened its loving arms to the bulls.

I was particularly keen on small caps or the Russell 2000 (IWM). I wrote, “Beginning with Granddad Russell 2000 (IWM), Monday began with a gap up over the 50-DMA (blue). We will watch for a phase change confirmation. Furthermore, the monthly chart shows IWM back above the 80-month MA (green). Resistance at 191 area is on tap if IWM holds above 174.”

Phase change? YES.
Holding 174? YES.
Still above the 80-month MA? YES.
191 on tap if continues to hold? YES.

Next, I wrote a Daily about Soybeans as the next potential parabolic runner.

“Meanwhile, the Teucrium Soybean Fund SOYB saw a huge influx of investor money. The monthly chart featured shows prices hovering around all-time highs. In 2012 the high was 28.88. In July this year, SOYB made a new high at 29.43. The sideways consolidation on this monthly chart suggests a move to 34-35 is possible.”

The daily chart is in a bullish phase? YES.

The futures contract here, shown through the continuous contract and not the January 2024 contract, looks different. The continuous contract is under the 23-month MA, while the futures contract of the ETF sits above the 23-month.

Sideways consolidation? YES.
Ready to run? NOT YET. (But watch for a move over 1400 in January 2024 contract as a good start provided this holds 1250.)

The next Daily this week was titled Oil the New Gold — Buy When There’s Blood in the Streets. The thesis was that oil is a buy just as everyone got bearish. Just like gold, “you buy it when it looks awful, and sell it when it looks strong.”

The futures contract (December) shows you that $72 held Friday, with a move to nearly $76.

Was it a buy with blood in the streets? YES.
Do we have a support level now? YES.

If you have a listen of my 2 latest videos in the media section below, you will hear that I boldly called a bottom and describe what levels must clear from here.

This coming week, watch for oil to get over $76 to continue the rally.

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