- Moving the market
After yesterday’s strong gains, the markets took a breather today, with major indexes closing moderately lower. Small Caps suffered the most significant losses.
Last night, the much-anticipated event occurred when Bitcoin pierced the $100k level for the first time. Within minutes, it surged to $104k before leveling off slightly below that mark. During today’s session, Bitcoin slipped and settled around $98k.
Historically, such bullishness in Bitcoin has positively impacted the Nasdaq, but so far, the tech index has not reacted.
The latest first-time filings for jobless benefits rose by 9,000 to 224,000, higher than the estimated 215,000. On a positive note, continuous claims edged lower by 25,000 to 1.871 million.
Despite flat bond yields and a declining dollar, gold struggled to find footing and dropped by 0.82%. However, the Mega-Cap basket defied the overall market weakness and inched higher.
It was a quiet, directionless session ahead of tomorrow’s jobs report, an event that has the potential to catch traders off guard.
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)
As investors anxiously awaited the crucial jobs report set to be released tomorrow, the markets appeared directionless, with major indexes closing in the red.
Our TTIs showed mixed results, with only minor and insignificant changes.
This is how we closed 12/05/2024:
Domestic TTI: +9.02% above its M/A (prior close +9.57%)—Buy signal effective 11/21/2023.
International TTI: +5.55% above its M/A (prior close +5.17%)—Buy signal effective 11/21/2023.
All linked charts above are courtesy of Bloomberg via ZeroHedge.
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