The Fred Report - Mid Week Update October 26, 2022

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The FRED Report – Financial Research, Education & Data    

Mid Week Update  

Volume 14, Issue 76
October 26, 2022

Download PDF Version here


Update of Market View

The stock indexes have showed enough follow through to suggest this rally should continue here, and SPY has targets of 390 to 400. QQQ has targets of 295 to 300. We will look at these markets once again if they hit those levels. Note, this is happening at the time we have been looking for – close to but before the Midterms. We have buy recycles on the weekly stochastics and will look at the stock indexes when these indicators become overbought. For now – enjoy this rally.

We have had some questions on UNG (US Natural Gas ETF) VS. FCG (First Trust ISE Revere Natural Gas Fund). UNG is based on the Futures markets, while FCG is based on stocks pertaining to Natural Gas. The question was which of these ETFs look stronger, and our answer is right now we would use FCG and not UNG. We think the reason for this is twofold – first the stock market should rally and carry these stocks along for the ride, and second, oil in particular, should rally and many of these stocks produce oil as well. We show daily and weekly charts, below.

weekly_midweek_102622 weekly_midweek_102622

weekly_midweek_102622 weekly_midweek_102622

Other Points of Interest 

There is another Natural Gas ETP: GAZ (iPath Total Return natural Gas ETN). We thought we should show this, but we note that (a) most clients cannot use it, and (b) the chart is pretty much the same as UNG in any event. We show daily and weekly charts, below. 

weekly_midweek_102622 weekly_midweek_102622 



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Fred Meissner is primarily responsible for the research in this report and certifies that: (1) all of the views expressed in this research accurately reflect his personal views about any and all of the subject securities or issuers; and (2) no part of his compensation was, is, or will be directly or indirectly related to the specific recommendations or view expressed him in this research.
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