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Week in Review: 9-13 December 2024

Financial Markets

For the week, the main stock market indices were little changed, with the S&P500 losing 0.6% and the NASDAQ 100 0.7% in the green. The small cap index (Russel 2000) lost 2.6% and is around support.

Precious metals are on the lower range of the current trading channel. Gold gained 0.6% and silver fell 1.4%. Nothing new to say about precious metals except that current levels must be defended, otherwise we will turn bearish.

WTI was up by 5.8% into the 70$ range. It may fall back and test the 67-68$ level again.

Bitcoin was up by 3.2% and continues flying above the 100k$ level. However, volume was lower, which can be a reversal signal.

The relative strength of the US dollar (DXY) was up this week (~107). The EUR/USD is around 1.05$, the GBP/USD is at 1.26$, and the USD/JPY is at 153.6 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 2nd December 2024 loosened by 3.3.% and doesn't translate signs of financial stress in the markets.

US bond yields rose considerably this week, and now sit at 4.241% for the 2-year and 4.399% for the 10-year.

The VIX rose slightly to 13.8, but is still at a low level. This means the markets are not very fearful and investors/speculators are not searching for put options.


Comment Section

Next week, the FED meeting and rate decision will be the highlight. Then, trading volumes will start decreasing as everybody goes into year-end/Christmas holiday. Enjoy.

Take care, and good luck.

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