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Are Growth Stocks Too Expensive?

EURGBP TECHS

Still In Consolidation Mode

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Adviser To Lula Expects 2023 Spending Boost

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  • Oil is down again after yesterday’s tentative stabilisation, at lows since Aug on renewed Omicron fears and gathering pace on Powell’s recent accelerated taper comments.
  • WTI is down -5.1% at $66.35 and remains bearish, very close to testing the support level at $66.21, the 76.4% retracement of the Aug-Oct rally.
  • $60/bbl puts have been the most active strikes today for the F2 (Jan'22) contract, followed by $55/bbl puts and then closely $65/bbl puts.
  • Brent is down -3.8% at $70.62, a bearish extension. Attention is on $69.57 next, the Sep 9 low, whilst initial firm resistance is up at $77.58.
  • The White House will provide updates on Covid-19 efforts shortly at 1230ET whilst Biden yesterday suggested he will unveil a strategy for dealing with the Omicron variant on Thu.
  • Weekly DOE inventories tomorrow plus key US macro data including ADP employment and the ISM manufacturing survey for Nov.
  • Gold has slipped in recent trading on Powell’s comments on sticking with an accelerated taper and is now -0.5% lower today at $1775.5. It is through last week’s low with a key support next at $1759 (Nov 3 low).