Financial Markets
For
the week,
the main stock market
indices were mixed, with the S&P500 gaining 0.9% and
the NASDAQ
100 down by 0.3%. The small cap index (Russel 2000) rose 2% and now approaches short-term resistance.
The precious metals are strong. Gold rose 2.4% and continues with good momentum into uncharted territories.
Silver broke out of the 30$ level and rose 6.9% the past week – it can continue upwards or it can retrace back to the 32$ level.
The barrel of
WTI fell sharply and stopped at the 69$ support level.
Bitcoin rose almost 10% and is now starting to look more bullish as it escapes the downward channel it was trading in.
The
relative
strength of the US dollar (DXY) was again up slightly and into the 103 level. The
EUR/USD is around 1.08$, while the USD/JPY is at 149 JPY.
US M2 money supply metrics have not been updated since August.
The
national financial
conditions index (NFCI) for the week of 7th October 2024 loosened
by 1.51% and doesn’t translate signs of financial stress in
the markets.
US
bond yields were unchanged, sitting at 3.957% for the
2-year
and 4.081% for the 10-year.
The
VIX fell to the 18 level during this low-stress week. The perception of risk is low, as investors and speculators don’t seek put options expiring
in the next 30 days.
Comment Section
week had no noteworthy developments. The US stock market continues with a positive vibe, climbing slowly
Take care, and good luck.
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