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Recap and Action Plan: Small Caps, Beans, Oil

November 19, 2023

Mish's Daily

By Mish Schneider

Since we came back from vacation, I wrote 3 Daily’s.

The first one 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 IWM or Granddad Russell 2000, Monday began with a gap up over the 50-DMA (blue).

We will watch for a phase change confirm. 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

Is 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

Read 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 Street

The thesis was oil is a buy just as everyone got bearish. Just like gold, “you buy it when it looks awful, 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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Mish in the Media - All clips here

BNN Bloomberg Open Mish covers the emotional state of oil and gold plus why small caps are key right now..plus a couple of picks! 11-17-23

CNBC Asia Partial Clip on Oil, OJ, Beans and how to trade volatile commodities 11-16-23

Making Money With Charles Payne Fox-Mish discusses small caps and how they could still run, the Fed and gives 3 picks 11-16-23

Business First AM-Tencent Music TME 10-27-23

Mish Live on Fox with Charles Payne discussing bonds 10-27-23

Mish Live at Yahoo Finance-Deep chart dive with Jared Blikre 10-26-23

Mish at the NYSE with Cheddar TV-Exploring 401(k)s 10-26-23