It was a bullish week for US equity indexes, with net weekly gains ranging from +3.0% (Nasdaq comp'), +2.7% (NYSE comp', Transports), +2.3% (SPX), to +2.2% (Dow).
Lets take our regular look at five of the main US indexes
sp'500
Nasdaq comp'
Dow
NYSE comp'
Trans
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Summary
All five US equity indexes were net higher for the week.
The Nasdaq comp' lead the way higher, with the Dow lagging.
The Nasdaq comp', Dow, NYSE comp', and Transports broke new historic highs.
More broadly, all five US equity indexes are holding above their respective monthly 10MA, and I thus see the m/t trend as bullish.
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Looking ahead
Earnings:
M - ZM
T - NTAP, MOMO, CRM, BOX, HPE, VEEV
W - RENN, CRWD, FIVE, OKTA, RH, SNOW, SPLK, ZS, PVH
T - KR, DG, SIG, CBRL, CLDR, DOCU, MRVL, SWBI, ULTA, MIK
F - BIG, TRX
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Econ-data/events
M - Chicago PMI, Pending home sales
T - PMI/ISM manu', construction, vehicle sales
W - ADP jobs, EIA Pet', Fed Beige book
T - Weekly jobs, PMI/ISM serv'
F - Monthly jobs, intl' trade, factory orders.
*as Monday is end month, expect more dynamic price action on higher vol'
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Final note
We have just 23 trading days left of the year. For most, its a year to forget, but as things are, equities are set for net yearly gains of 10-15%. Its impressive, but then the Fed returned to ZIRP, and printed off $3trn.
There is the matter of the election, whose result is yet to be finalised. Whilst that is an issue of uncertainty - not least if Trump takes the matter to the Supreme Court, the market should be able to broadly climb into year end. Certainly, the short/mid term trend is supportive of higher levels in December.
I will merely add, it should be clear, there is no turning back from the dark path that the species has decided to take. Coming soon... a cashless financial system, a communistic government, and a perpetual state of viral paranoia, with no realistic hope of escaping the horror within... the twilight zone.
Yours... a spectator to humanity
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Have a good weekend
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*the next post on this page will likely appear 5pm EST on Monday.
