QuiCQ 15/10/2024
Milestones
“There's a historical milestone in the fact that our Apollo 11 landing on the moon took place a mere 66 years after the Wright Brothers' first flight.”
— Buzz Aldrin
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S&P 500 new ATH — CHECK!
DJ Industrials new ATH — CHECK!
DJ Transports new cycle high — CHECK!
Nasdaq 100 equal-weight new ATH — CHECK!
NVDA new all time high - CHECK!
What? Stop, there! Did we just hit a new all-time high on the stock that was said to having lost leadership? Well, seems after all, keeping buying the winners continues to work …
But probably the most important “achievement” in yesterday’s session, where only stocks traded in the US and the bond market was closed in observation of Columbus Day, is that the Nasdaq 100 exceed the step 1 objective we set in Monday’s Quotedian (click here):
Closing that July gap lower and finally exceeding it yesterday was important, confirmation now will come by making a new ATH - a feat of only one more percent, and given that the equal-weight version already hit a new ATH yesterday …
In the S&P 500, all sectors except one (Energy -0.1%) were higher on the day, lead by technology and utilities stocks. In the past, that would have been considered a weird combination for two leading sectors, today we probably can explain it away by AI …
As forementioned, US bond markets were closed yesterday, but the Dollar strength against all major currencies is probably a good indication that upside pressure on yields persist.
Asian markets, ex the China complex, are showing decent performances this morning, with Japan’s Nikkei 225 trying to hold on to gains in order to close at their highest level since July.
ZEW survey in Germany and country level CPIs throughout Europe may be of interest today. A lot of focus on Thursday’s ECB meeting, with another 25 bp rate cut expected.
Two fascinating tables from the always magnificent Charlie Bilello.
The first shows that the S&P 500 has closed at 45 46 new-all time highs this year so far:
Note: We still have two and a half months to go.
The second table talks about milestone. With the S&P 500 crossing above 5,800 last week for the first time, its 10th 100-point milestone of the year:
