It was a very bullish week for US equity indexes, with net weekly gains ranging from +8.7% (R2K), +6.1% (Trans), +5.7% (Nasdaq comp'), +4.7% (SPX), +4.6% (Dow), to +3.5% (NYSE comp').
Lets take our regular look at six of the main US indexes (monthly candle charts)
sp'500
Nasdaq comp'
Dow
R2K
NYSE comp'
Trans
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Summary
All six US equity indexes were powerfully higher for the week.
The R2K lead the way up, whilst the NYSE comp' lagged
The SPX, Nasdaq comp', Dow, NYSE comp', and R2K broke new historic highs.
More broadly, all six US equity indexes have positive monthly momentum, and are trading above their respective monthly 10MA.
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Looking ahead
Earnings:
M - $MNDY $ICL $BRDCY $ZETA $GRAB $LAZR $LYV $ASRT $ANGI $AGO $DDI $EGY $STXS
T - $HD $SHOP $PLUG $SE $ONON $HTZ $NVAX $BITF $ALT $CRON $SPOT $OXY $RKLB $RKT $WULF $CART $SOUN $MARA $CAVA
W - $HUT $TSEM $CSCO $DLO $KULR $BZH $OPRX $BNGO $SMSI $CAPR $TTEK $HP
T - $DIS $TLN $LUNR $JD $NICE $AAP $BILI $SOWG $NTES $OCUL $AMAT $ASTS $OKLO $DESP $POST $GLOB $IZEA $INO $IPW $ORGN
F - $BABA $AIM $SPB $WISA $BPTH $NEXN
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Econ-data/events
M - *Veterans day - bond market CLOSED*
T - NFIB optimism
W - CPI, EIA Pet', US T-budget (2pm)
T - PPI, weekly jobs
F - Import prices, Empire State manu', retail sales, indust' prod', busi' invent' *OPEX*
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Final note
With the election out of the way, equities not surprisingly surged. I hold to the notion that the reaction would have been similar, even if Harris had won. If there is anything the market doesn't like... its 'uncertainty'.
The Fed cut rates for a second consecutive meeting, but also effectively claiming that #everythingisfine. As most recognise... it ain't.
President Trump faces a slowing economy, with a grossly indebted consumer, corporate world, and Federal Govt'. Elon speaks of cutting $2trn from the annual budget of $6.5trn. If you strip out one trillion each of interest payments and defense spending, that just leaves $4.5trn. Call me skeptical, but I'd be surprised if they cut more than $300bn, and that'd barely merit as a rounding error.
In any case... we are indeed in the most twisted and entertaining timeline, that will require more popcorn and drinks into and across... episode 2025 of Planet Krazy.
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Have
a good weekend
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*the next post on this page will likely appear 4.20pm EDT on Monday.
