QuiCQ 28/11/2024
Happy Thanksgiving!
"Gratitude turns what we have into enough."
— Anonymous
I always wondered why we took over the tradition of Black Friday and Cyber Monday here in Europe, but not actually the one of Thanksgiving itself. To me, eating and drinking too much at lunch and then watch a good football game sounds like the much better value proposition than my family members spending all our savings over two days … but maybe that’s just me…
Anyhow, US markets retreated slightly yesterday, in the case of the S&P 500 it was the first down day after seven straight ups. My best guess is that some people had to raise cash for the upcoming shopping spree :-)
Yet, despite the 0.4% “drop” in the S%P 500, still more stocks were up than down and the fact that 59 stocks hit a new 52-week high versus NONE a new low, shows the true underlying trend of the market.
US yields have retreated to the key support we cited in Monday’s Quotedian (“100K Magic”) at 4.25%. Again, should this support give, we see a pullback to 4.00% realistic.
And talking about 100K Magic, Bitcoin is recovering from its slump and reaching the 100,000 milestone in the near future seems more likely again, i.e. the Cramer-Correction may be over:
This Bitcoin advance seems to be partially also supported by the denominator, i.e. the USD, which seems to have stalled in its two-month uptrend and a major reversal may lay at hand, with the Dollar Index (DXY) falling back into its box:
Asian markets are mixed this morning, with Japan up and China and India down. Korea’s KOSPI is slightly up after the central bank in that country provided a surprise 25 basis point rate cut.
Index futures in Europe and US are pointing to a friendly start to their respective cash sessions, but expect low volumes for today and tomorrow given the US holiday.
No QuiCQ tomorrow. Month-end Quotedian should be out on Monday. Subscribe by clicking below if you have not yet done so:
André
With roughly one month to go, the S&P 500 has added so far USD 11 trillion in market cap to reach a stunning $52.7 trn:
Not bad.
Here’s how the individual components have performed:
Not sure if this works, but try to click here: HERE to get an interactive view of the above.
