"- U.S. stocks rallied on Wednesday, with the S&P 500 and Dow Jones Industrial Average recording their best one-day percentage gain in more than 5 weeks. The rebound snapped a 3-day losing streak that has been blamed in part on worries about global growth and fighting in Iraq and Syria. A stronger-than-expected report on new-home sales and dovish comments from two Federal Reserve officials, may have contributed to gains. The S&P 500 gained 15.63 points, or 0.9%, to 1,998.38. Broad-based gains were led by health care and consumer staples sectors. The Dow Jones Industrial Average gained 155.02 points, or 0.9%, to 17,210.89, recovering some of the steep losses from the previous two sessions. Meanwhile, the tech-heavy Nasdaq Composite added 46.53 points, or 1.03%, to 4,555.22, while the small-cap Russell 2000 — which has lagged behind the other indexes this month and this year — gained 8.9 points, or 0.8%, to 1,127.60.
"-Here are the closi levels for Asia's major stock markets: Tokyo (Nikkei Average) down 0.2% ; Hong Kong (Hang Seng Index) up 0.4% ; Shanghai (Shanghai Composite Index) up 1.5% ; Sydney (S&P/ASX 200) down 0.7% ; Seoul (Kospi) up 0.3% Taipei (Taiex) up 0.2%."
"-Crude-oil futures rose Wednesday after weekly inventories data showed an unexpected decline in supplies. Light, sweet crude futures for November delivery rose $1.24, or 1.4%, to settle at $92.80 a barrel on the New York Mercantile Exchange. November Brent crude on London’s ICE Futures exchange rose 10 cents, or 0.1%, to end at $96.95 a barrel."
FCPO- We Might Looking At The Beginning Of Short Term To Long Term Recovery.
Now I might sound optimistic but that is how a healthy uptrend is made. An good prolong uptrend is always tested before it can begin running its way to higher ground. That mean, series of retracement and recovery right thereafter. If you put it in technical terms, the hourly chart or daily chart if you are looking at higher time frame must create series of higher lows first, then higher highs for further confirmation. A few successive higher lows and higher highs signifies consistent involvement of Bulls. Bulls are significantly aggressive if there is a new higher highs, forcing most Bears out of business. On contrary, I may sound pessimistic about palm oil outlook starting this week due to very strong signs that Bears would take control after looking three consecutive Bearish candle on daily chart. But that is necessary because we need to be clear about what the price and candle are telling us, thus trade on what you see, not what you think is best practice to be profitable in the market. Staying clear of what you are not sure such as news, fundamental data or advise of others might avoid you to make costly mistake on your trading equity. Staying control is crucial to this business, which means fully took charge of your positions and emotion in check. For this week, we are likely looking at a new higher high formed if the December contract manage to breached above 2,173 level and staying above that level for the closing would be the best sign to tell you that market is heading North for longer time frame.
Daily Pivot Point
Disclaimer: Information and opinions contained in this report are for educational purposes only. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness.