Financial Markets
For
the week,
the main stock market
indices were up, with the S&P500 gaining 1.7% and
the NASDAQ
100 1.9% in the green. The small cap index (Russel 2000) gained by 4.5%.
Precious
metals recovered from last week’s decline. Gold and silver gained 6%
and 3.6%, respectively. The metals can go in either direction from current levels – let’s keep watching.
WTI went up by 6.3% and is now around 71$. Oil will likely trade sideways in
the near future (67-72$).
Bitcoin
continued ramping up and is at 98.4k$. Will it reach 100k before pulling back?
The
relative
strength of the US dollar (DXY) was up this week, fueled by weak European PMI data which indicates economic contraction in the old continent. The DXY is at a short term resistance (107). The
EUR/USD is around 1.04$, the GBP/USD is at 1.25$, and the USD/JPY is at 154.73 JPY.
US M2 money supply at the date of 30th September 2024 was up by 0.38%.
The
national financial
conditions index (NFCI) for the week of 11th November 2024 loosened by 4% and doesn’t translate signs of financial stress in
the markets.
US
bond yields changed little this week, and now sit at 4.379% for the
2-year
and 4.404% for the 10-year.
The
VIX remained stable and around 15-16. This means the markets are not very fearful and investors/speculators are not searching for put options.
Comment Section
predict some more months of complacency and perhaps a lateral market,
while the economic picture doesn’t get perfectly clear regarding a
possible recession.
Take care, and good luck.
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