QuiCQ 25/10/2024
Around the World in 80 Seconds
"Money is the best deodorant"
— Elizabeth Taylor
Stocks snapped a three day losing streak yesterday (I always wanted to write that phrase, which is CNBC’s equivalent to Hollywood’s “Driver, follow that car”), as it seemed Tesla earning outlook and subsequent massive 22% rally was enough to lift the rest of the market too.
Major market indices closed in the green on both sides of the pond, albeit only marginally so. And is a matter of fact, the number of advancing stocks to those declining in the S&P were quite exactly balanced, though the number of new 52-week highs versus lows, was heavily skewed towards new highs (28:3), unveiling the true underlying structure of the current trend (up).
The Trump Trade (TT) we wrote about yesterday, saw a (first?) little unwind, as US bond yields retreated from Wednesday’s intraday highs of 4.25% to 4.17% currently. The Dollar retreated against most major currencies, as we had insinuated could happen in yesterday’s chart of the day:
Asian markets are largely positive this early Friday morning, exception Japanese stocks, which are showing some nervousness ahead of Sunday’s general election in the land of the rising sun. This is probably to most important macro event over the coming few days and is perhaps overly ignored.
The following chart made it “Around the World in 80 Seconds” already, so I show it here too, just in case you are the only person on the planet who has not seen it yet…
NVDA hit a new all-time high earlier this week and now carries a admirable market cap of USD3.5 trillion. That makes it now bigger than the total market cap of five of the G7 countries!
I was listening to an analyst this morning who has an outstanding record on calling NVDA’s stock price moves, and she suggests a market cap for the company of USD10 trillion by 2030 … minimum!
Is that just the start? Stay tuned …
