22Oct3:17 pmEST
Looking for Sweet Symmetry
Headed into the final part of today's session, sugar still figures to be the most reliable commodity out there, of late. To follow-up on recent blog posts, sugar has been acting better and better in the wake of a one-way multi-year bear market.
On the weekly chart for the ETN, below, sugar is now overbought at the upper weekly Bollinger Band.
Markets tend to like symmetry. And I expect something akin to a "right shoulder" in the coming weeks, at or above the $30 level on the ETN.
Given the resurgent strength and the manner in which sugar held its 200-day moving average of late, I am looking for a major bottom to play out, albeit with patience and discipline.
As for equities, the rally today takes us into huge earnings tonight, namely AMZN GOOGL.
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