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 ...

Financial Markets For the week, the main stock market indices were mixed, with the S&P500 gaining 0.9% and the NASDAQ 100 down by 0.3%. The small cap index (Russel 2000) rose 2% and now approaches short-term resistance. The precious metals are strong. Gold rose 2.4% and continues with good momentum into uncharted territories. Silver broke out of the 30$ level and rose 6.9% the past week - it can continue upwards or it can retrace back to the 32$ level. The barrel of WTI fell sharply and stopped at the 69$ support level. Bitcoin rose almost 10% and is now starting to look more bullish as it escapes the downward channel it was trading in. The relative strength of the US dollar (DXY) was again up slightly and into the 103 level. The EUR/USD is around 1.08$, while the USD/JPY is at 149 JPY. US M2 money supply metrics have not been updated since August. The national financial conditions index (NFCI) for the week of 7th October 2024 loosened by 1.51% and doesn't translat...

Financial Markets For the week, the main stock market indices were up, with the S&P500 gaining 1.1% and the NASDAQ 100 up by 1.2%. The small cap index (Russel 2000) rose 0.9% but seems to be on a downward trend. Gold is unchanged and seems to be consolidating around the 2600$/oz level. Silver fell 2.1% and will likely continue in the 30-32$ range in the near future. The barrel of WTI gained 1.4% and hit the 75$ level, which could be resistance - this would send oil lower over the next weeks. Bitcoin was unchanged this week and is close to the middle of the 53-66k$ range it has been trading in for the past months. The relative strength of the US dollar (DXY) was up slightly but still holds the 102 level. The EUR/USD is around 1.09$, while the USD/JPY is at 149 JPY. US M2 money supply metrics have not been updated since the 26th of August. The national financial conditions index (NFCI) for the week of 30th September 2024 loosened by 2.1% and doesn't translate signs o...

Financial Markets For the week, the main stock market indices were essentially unchanged, with the S&P500 gaining 0.2% and the NASDAQ 100 up by 0.1%. The small cap index (Russel 2000) dropped 0.5%. Only the S&P and the DOW closed at an all-time-high, but barely. Gold dropped slightly (0.2%) but is holding the 2650$/oz level. Silver gained 1.8% and is in the 31-32$ range. We still believe this is the short term high for silver and the next considerable movement is downward, essentially from a fundamental perspective (slowing industrial demand). The barrel of WTI popped 8.5%, on fears of supply shocks stemming from the Middle East war and stress between Israel, Lebanon and Iran. Bitcoin fell 5.7% and is heading to the middle of the 53-66k$ range it has been following for the past months. The relative strength of the US dollar (DXY) is up by 2.1% into the 102 level. The EUR/USD fell to 1.09$, while the USD/JPY is up to 148 JPY. US M2 money supply metrics have not been up...