Week in Review: 26-30 August 2024

Financial Markets

For the week, the main stock market indices were close to unchanged, with the S&P500 gaining 0.2% and the NASDAQ 100 down by 0.7%. The small cap index, the Russel 2000, lost 0.3%.

Gold is still hovering close to all-time-highs, but lost 0.4% - even if it falls to 2400$, it could still be part of a bullish consolidation. Silver fell 3.2% and is around the 29$/oz level - we favor the downside from here, towards ~27$.

The barrel of WTI fell 1.87%, below the support level that we were watching. We we wouldn't be surprised if it continues falling towards 71$.

Bitcoin lost the gains from the previous week and is down to ~57900$. The trend for bitcoin is downwards in the short term.

The relative strength of the US dollar (DXY) recovered ~1.1% and is holding the support level around 100-101, which is coinciding with the 200-week moving average. The EUR/USD fell to 1.10$, while the USD/JPY is up to 146 JPY.

US M2 money supply has not been updated this week.

The national financial conditions index (NFCI) for the week of 19th August 2024 has loosened by 2.3% and doesn't seem to translate particular signs of financial stress in the markets.

US bond yields now sit at 3.92% for the 2-year and 3.91% for the 10-year. The yield curve is very close to uninversion.

The VIX is around 15, and shows market complacency (no fear).

Comment Section

We survived a week that was marked by the NVIDIA earnings - a beat but not with crazy guidance, which didn't leave investors very excited. The markets didn't tank (yet). We are at a moment where the bulls have lost their strength and momentum. If nobody else is buying, then the stock market moves in the near term are likely going to be sideways and slightly down (unless positive news start popping out of somewhere).

The next months are going to be marked by the FED rate cuts and the US election, so sit tight and relax. Volatility is coming. Keep some cash aside for opportunities and don't be overly aggressive for now (it's too soon to go heavy on the trigger).

Take care, and good luck.

Recommended Videos

Video: From $0 to $500+ Million Real Estate Empire - The Story of Pace Morby

Channel: School of Hard Knocks Podcast

Video: The Dire State Of America ( with RFK Jr. and Robert Kiyosaki)

Channel: Ken McElroy

Video: How to negotiate? Tips from a mogul

Channel: Ben Mallah

Comments

Week in Review: 23-27 September 2024

Financial Markets For the week, the main stock market indices were slightly up, with the S&P500 gaining 0.6% and the NASDAQ 100 up by 1.1%. The small cap index (Russel 2000) dropped 0.5%. Only the S&P closed at an all-time-high. Gold closed the week at a new all-time-high of 2657$/oz. Silver is still holding the 31$ level and it can go in either direction in the coming weeks, although we favor the downside from a fundamental perspective (slowing industrial demand). The barrel of WTI fell 3.7% and is again around 68$, which is a short-term technical support level. Bitcoin was up by 3.1% and seems to be in the top end of the 53-66k$ range it has been following for the past couple of months. The relative strength of the US dollar (DXY) fell slightly but is still around the 100-101 support level. The EUR/USD is at 1.12$, while the USD/JPY is slightly down to 142 JPY. US M2 money supply metrics have not been updated since the 26th of August. The national financial condit...

Week in Review: 21-25 October 2024

Financial Markets For the week, the main stock market indices were mixed, with the S&P500 losing 1% and the NASDAQ 100 up by 0.1%. The small cap index (Russel 2000) fell 3.1%, giving up the previous week's gains. The precious metals remained strong but are about to stall. Gold gained 0.9% while silver ended the week unchanged. Recently silver broke out of the 32$ level and now needs to defend this level. WTI jumped off the 68$ level, and gained 4.1% this week -it now sits at ~71.6$/bbl. Bitcoin fell 2.7% and is in the upper range of the channel it has been trading in since March 2024. In our opinion, bitcoin it is not looking particularly bearish nor bullish. It can go up to 74k or down to 60k in the near future. The relative strength of the US dollar (DXY) was again up slightly and into the 104 level. The EUR/USD is around 1.08$, while the USD/JPY is at 152 JPY. US M2 money supply at the date of 30th September 2024 was up by 0.38%. The national financial conditions ...

Week in Review: 9-13 September 2024 - The FED Put!

Financial Markets For the week, the main stock market indices were up, with the S&P500 recovering 4% and the NASDAQ 100 up 5.9%. Last week's losses were eliminated. The small cap index (Russel 2000) was 4.4% in the green. Gold closed the week at a new all-time-high of 2577$/oz. Silver followed gold and popped 10%! We now need to see if silver holds the current levels or if it fails and returns to the 28-30$ range. The barrel of WTI recovered 1.7% but still looks bearish. Bitcoin followed the stock market direction, but with less enthusiasm, recovering 7.8%. It still seems likely that bitcoin will trade in the range of 53-66k$ in the following weeks. The relative strength of the US dollar (DXY) was nearly unchanged and around 101. The EUR/USD is at 1.109$, while the USD/JPY is down to 140.8 JPY. US M2 money supply has not been updated this week. The national financial conditions index (NFCI) for the week of 2nd September 2024 loosened by 2.9% and doesn't transla...

Search This Blog