A fresh new year as institutions and retail traders alike get to turn the page on 2017 and start their portfolios with a clean slate. As each year goes by, not much seems to change it seems. As 2017 closed, the markets were white hot and up nearly 20% for the year. That momentum doesn’t seem to have slowed down at all with the start of 2018 as the markets have already rocketed upwards 2% in only the second week of the year.
The S&P500 closed today at 2,786.
Up 1.59% for the week
This is one of the best starts to the year in quite some time
All things equal, S&P500 target is 3,000
Oil has had an amazing run so far this year as prices have been barrelling (pun intended) upwards. We are bullish and long oil.
- Price per barrel currently at $64.40
- Next short term price target $65
- Long term price target $70
- New long term support at $60
Gold too has had a great year so far, especially this past week.
- Price currently at $1,338 an ounce
- Long term resistance at $1,350
- Proverbial support at $1,300
Bitcoin, the grandaddy of Cryptocurrencies has been significantly muted in price movement and as speculators lose patience, the price dips lower and lower. The overall market isn’t helped with the crackdown in South Korea and the anxiety created by it.
Here is this week’s chart for Bitcoin:
- Bitcoin currently trades at $13,680 a coin
- A horrid start to the year for the crypto
- Ethereum on the other had has moved up significantly and currently trades at $1,244 a coin
This is the first market snapshot for the year and I look forward to seeing what 2018 has in store for all of us!