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My indicators are giving bullish readings for the second week in a row and, from a technical point of view, the market looks like it’s set to continue within its current uptrend. It seems like everyone on Wall Street is expecting a correction, and that is probably one of the main reasons that we are not going to get one.
The market survived two major hurricanes and a disruptive North Korea, which test fired another missile overnight, and it’s still setting new all-time highs. Usually, the market will see a correction of 5% or so every quarter, but we haven’t seen anything like that for a while.
This could be a longer-term bearish sign that we may get a bigger correction when one eventually does materialize, but I think the current stair-stepping pattern the S&P 500 is following is constructive for further upside. As such, today I’m recommending a bullish trade on an oil and gas company mainly based in Canada and the North Sea: Suncor Energy Inc. (USA) (NYSE:SU).
Buy to open the SU Dec 35 Calls (SU171215C00035000) at $1.00 or lower.
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