- Moving the markets
The major indexes advanced early on as traders did not see any adverse effects from the Trump assassination attempt. In fact, the opposite happened with the general viewpoint being that this event could even further propel Trump’s popularity in the polls.
Most of Wall Street’s preoccupation was the barrage of incoming earnings this week. Some insurers like Humana and United Health Group rose, because a Trump presidency might benefit them due to less cost pressures from a Republican Administration. At least, that’s the theory.
Despite the broad markets scoring a green close, prices came off their early highs. However, Trump’s media stocks soared, as Small Caps and the energy sector outperformed, while bond yields rose slightly.
The real action happened in Bitcoin, with its ARKB ETF soaring over 10% during the session. Gold followed suit and raced to within striking distance of its record high. Crude oil did not keep up with energy prices and slipped below its $82 level.
ZH pointed out that futures traders have never had as many long positions as they have today.
Makes me ponder how long that can continue before reality kicks in.
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)
Bullish sentiment prevailed, and the major indexes scored another winning session.
Our TTIs showed a mixed picture with the domestic one advancing and the international one declining.
This is how we closed 07/15/2024:
Domestic TTI: +7.17% above its M/A (prior close +7.05%)—Buy signal effective 11/21/2023.
International TTI: +8.20% above its M/A (prior close +8.41%)—Buy signal effective 11/21/2023.
All linked charts above are courtesy of Bloomberg via ZeroHedge.
———————————————————-
WOULD YOU LIKE TO HAVE YOUR INVESTMENTS PROFESSIONALLY MANAGED?
Do you have the time to follow our investment plans yourself? If you are a busy professional who would like to have his portfolio managed using our methodology, please contact me directly to get more details.
Contact Ulli