ETF Tracker StatSheet
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AMAZON AND INTEL LEAD MARKET REBOUND AMID DISAPPOINTING JOBS REPORT
- Moving the market
Amazon led today’s market rebound, surging over 6% thanks to its ad business and cloud services exceeding expectations. Intel also contributed significantly, jumping nearly 8% after surpassing forecasts and issuing strong guidance. These gains helped erase the negative sentiment from previous earnings disappointments.
Despite a disappointing jobs report, the bullish tone set by these tech giants remained unshaken. The economy added only 12,000 jobs in October, far below the estimated 100,000. In fact, the number turns negative at -28,000 when excluding newly created government jobs. This marks the weakest job creation level since late 2020, potentially reflecting a more accurate economic reality as past reports have often been revised.
Bond yields underwent a volatile session, with the 10-year yield starting flat, then selling off, and finally rallying to close at 4.38%, its session high. This volatility impacted major indexes, with the S&P 500 and Nasdaq ending the week as the biggest losers.
The dollar initially tumbled but recovered to close higher. Gold had a tumultuous week, hitting a new record on Tuesday before succumbing to profit-taking. Bitcoin followed a similar pattern, closing slightly higher for the week.
With the upcoming election next Tuesday, market volatility is bound to pick, despite Wall Street viewing the “Trump trade” as favorable.
2. Current “Buy” Cycles (effective 11/21/2023)
Our Trend Tracking Indexes (TTIs) have both crossed their trend lines with enough strength to trigger new “Buy” signals. That means, Tuesday, 11/21/2023, was the official date for these signals.
If you want to follow our strategy, you should first decide how much you want to invest based on your risk tolerance (percentage of allocation). Then, you should check my Thursday StatSheet and Saturday’s “ETFs on the Cutline” report for suitable ETFs to buy.
3. Trend Tracking Indexes (TTIs)
Despite a valiant effort to recover, today’s market performance was unable to offset the losses incurred earlier in the week. All major indexes continued their downward trajectory.
Meanwhile, our TTIs remained relatively stable, showing minimal movement, and maintaining their distances to their respective trend lines.
This is how we closed 11/01/2024:
Domestic TTI: +5.34% above its M/A (prior close +5.27%)—Buy signal effective 11/21/2023.
International TTI: +3.67% above its M/A (prior close +3.46%)—Buy signal effective 11/21/2023.
All linked charts above are courtesy of Bloomberg via ZeroHedge.
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