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Monday, November 29, 2021
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The Bulls Drove Tech and Cryptocurrencies North into the Weekend

#stocks #WallStreet #cryptocurrencies #commodities #memes #economy #politics #Biden #Trump

$QQQ $SPY $DIA $RUT $VXX $USO $GLD $DXY $GBITUSD $BTCUSD $ETHUSD $XRPUSD

US stocks closed mixed Friday as gainers in several tech companies drove the NAS Comp to another record high and its 1st close over 16,000 at 16,057.45‘”– Paul Ebeling

DJIA -268.97 to 35601.98, NAS Comp +63.73 at 16057.45, S&P 500 -6.58 to 4697.96

Friday, the S&P 500 lost 0.1%, while the NAS Comp (+0.4%) set intraday and closing record highs. The DJIA (-0.8%) and Russell 2000 (-0.9%) lagged.

This week the benchmarks continued to consolidate their recent big gains, as investors reviewed earnings from a range of retailers to essentially close out the latest round of corporate reports.

More than 95% of companies in the S&P 500 have reported their latest Quarterly results. Companies have reported overall earnings growth of about 40% besting analysts’ forecasts for 23% growth made in June.

  • S&P 500 +25.1% YTD
  • NAS Comp +24.6% YTD
  • Russell 2000 +18.7% YTD
  • DJIA +16.3% YTD

Key Commodities

Crude Oil continued to fall with WTI spot prices down 4% to less than $76bbl and Brent Crude down about 3.4% to less than $79bbl

Gold futures settled $9.80 lower (-0.5%) to $1,851.60/zo, down -0.9% on the wk

The US Dollar Index is up +0.5% at $96.00.

Cryptocurrencies

Cryptocurrencies expanded all over the world and have received support from many savvy analysts, individuals and famous people in this Year of the Crypto Bull!

All major cryptos bounced off of support and closed in the Green. GBITS marked an all-time high at $514 and is currently trading at $504.94676/ea.

Saule Omarova, Mr. Biden’s embattled nominee for a Top banking regulator position, sketched out the possibility of “scary” scenarios emerging in cryptocurrency, but faced skepticism from Senators on her views.

Mr. Biden’s nominee to regulate banks stole hundreds of dollars of merchandise from a discount retail store, according to a police report revealed Wednesday.

The shredding of Mr. Biden continues.

The Memes

Wholesale mortgage lender UWM Holdings Corp. (NYSE:UWMC) held most of its premarket gainer through Noon Friday. UWM announced Thursday that it had terminated plans for a secondary stock offering and would immediately rev up its share buyback program.

Bakkt Holdings Inc. (NYSE:BKKT) surged Friday morning on no specific news. The share price has trailed down by about 25% since the beginning of November, so this jolt is a welcome event as it posted a Bullish Engulfing candlestick.

Shares of Cassava Sciences Inc. (NASDAQ:SAVA) reversed a 2-wk slide that pared more than 50% from its share price. The company has announced that it has begun a second Phase 3 study for its Alzheimer’s drug.

UWM stock traded up about 18.5% to $6.54, in a 52-wk range of $5.41 to 14.38.

Shares of Lucid were up about 11% to $52.23, in a 52-wk range of $9.69 to 64.86.

Rivian stock traded up about 14%, at $137.35 in a post-IPO range of $95.20 to $179.47.


The US economy

Investors did not receive any economic data Friday. Looking Ahead to Monday, investors can expect the Existing Home Sales report for October. 

Prices for US consumers jumped 6.2% in October compared with a year earlier, leaving families facing their highest inflation rate since Y 1990, the Labor Department said.

The higher prices have not curtailed consumer spending and retail sales jumped 1.7% in October. That was the biggest month-to-month gainer since March.

Politics

The CBO estimated that Mr. Biden’s Build Back Better Act would add approximately $160-B to the budget deficit over 10yrs when accounting for the revenue from increased tax enforcement. The bill heads over to the Senate, where it will be shredded by amended.

The Biden White House is advising US businesses to ignore the law and impose its executive order vaccine mandate.

Noteworthy Event

Donald Trump’s 1st post-White House book will be, like so much else about him, a departure from other former presidents.

President Trump (45) is publishing a hardcover collection of hundreds of photographs from his administration, featuring his own captions, some handwritten. “Our Journey Together” is scheduled for 7 December release by a new company formed by Donald Trump Jr. and campaign aide Sergio Gor, Winning Team Publishing.

Stay tuned…

Have a healthy, happy, prosperous weekend, Keep the Faith!

Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   

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