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Week in Review: 25-29 November 2024

Financial Markets

For the week, the main stock market indices were up, with the S&P500 gaining 1.1% and the NASDAQ 100 0.7% in the green. The small cap index (Russel 2000) gained 1.1%.

Precious metals are on the lower range of the current trading channel. Gold and silver fell 2.4% and 2.3%, respectively. The metals need to defend the current levels, otherwise we must turn bearish.

WTI fell 4.2% and is holding the 68$ level. Oil will likely trade sideways in the near future (67-72$).

Bitcoin is around 97000$ and seems like it will have some trouble going above 100k...

The relative strength of the US dollar (DXY) hit resistance and fell to ~106. The EUR/USD is around 1.05$, the GBP/USD is at 1.27$, and the USD/JPY is at 149.7 JPY.

US M2 money supply at the date of 28th October 2024 was up by 0.42%.

The national financial conditions index (NFCI) for the week of 18th November 2024 loosened by 5.1% and doesn't translate signs of financial stress in the markets.

US bond yields fell considerably this week, and now sit at 4.163% for the 2-year and 4.180% for the 10-year.

The VIX fell to 13.5 and can continue falling until ~12. This means the markets are not very fearful and investors/speculators are not searching for put options.


Comment Section

We made it to December! The stock markets are looking a bit extended and would benefit from a 5-10% correction. However, given the seasonality, we can expect a mild correction until the year end. But it is important to keep looking for fundamental or market psychology changes.

Take care, and good luck.


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