Skip to main content

Week in Review: 18-22 November 2024

Financial Markets

For the week, the main stock market indices were up, with the S&P500 gaining 1.7% and the NASDAQ 100 1.9% in the green. The small cap index (Russel 2000) gained by 4.5%.

Precious metals recovered from last week's decline. Gold and silver gained 6% and 3.6%, respectively. The metals can go in either direction from current levels - let's keep watching.

WTI went up by 6.3% and is now around 71$. Oil will likely trade sideways in the near future (67-72$).

Bitcoin continued ramping up and is at 98.4k$. Will it reach 100k before pulling back?

The relative strength of the US dollar (DXY) was up this week, fueled by weak European PMI data which indicates economic contraction in the old continent. The DXY is at a short term resistance (107). The EUR/USD is around 1.04$, the GBP/USD is at 1.25$, and the USD/JPY is at 154.73 JPY.

US M2 money supply at the date of 30th September 2024 was up by 0.38%.

The national financial conditions index (NFCI) for the week of 11th November 2024 loosened by 4% and doesn't translate signs of financial stress in the markets.

US bond yields changed little this week, and now sit at 4.379% for the 2-year and 4.404% for the 10-year.

The VIX remained stable and around 15-16. This means the markets are not very fearful and investors/speculators are not searching for put options.


Comment Section

This was a recovery week in the stock markets, but now we need to see whether we continue on an uptrend (making higher highs and higher lows) or whether we start having a downtrend (lower highs, and lower lows)!
 
As we said last week, the market seems to be losing momentum, and we predict some more months of complacency and perhaps a lateral market, while the economic picture doesn't get perfectly clear regarding a possible recession.

Take care, and good luck.


Recommended Videos

 
Channel: Kevin O'Leary


Channel: Meet Kevin


Labels:

Comments

Post a Comment

Most Read

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...
Post a Comment
Read more

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 ...
Post a Comment
Read more

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...
Post a Comment
Read more