https://www.howestreet.com/2024/07/gold-silver-bitcoin-cryptos-currencies-energy-mark-leibovit-martin-straith-ross-clark-this-week-in-money/
TESLA - TSLA - RALLY WAS PREDICTABLE BASED ON THE PATTERN BELOW WHICH WE TRADED
GENERAL MEDIA CONTROLLED NEWS:
U.S. Stocks Advance As Treasury Yields Drop Following Jobs Data
Stocks moved mostly higher over the course of the trading day on Friday, with the major averages all moving to the upside after turning in a mixed performance early in the session. The Nasdaq and the S&P 500 closed higher for the fourth straight session, once again reaching new record closing highs.
The major averages reached new highs for the session going into the close of trading. The Nasdaq jumped 164.46 points or 0.9 percent to 18,352.76, the S&P 500 climbed 30.17 points or 0.5 percent to 5,567.19 and the Dow rose 67.87 points or 0.2 percent to 39,375.87.
For the holiday-interrupted week, the Nasdaq spiked by 3.5 percent, the S&P 500 surged by 2.0 percent and the Dow advanced by 0.7 percent.
The strength on Wall Street came as the Labor Department's closely watched monthly employment report for June generated optimism about the outlook for interest rates.
While employment jumped by more than expected in June, the report also showed downward revisions to job growth in April and May as well as another unexpected uptick by the unemployment rate.
The Labor Department said non-farm payroll employment shot up by 206,000 jobs in June compared to economist estimates for an increase of about 190,000 jobs.
However, the report also showed the increases in employment in April and May were downwardly revised to 108,000 jobs and 218,000 jobs, respectively, reflecting a net downward revision of 111,000 jobs.
The unemployment rate also rose for the third straight month, inching up to 4.1 percent in June from 4.0 percent in May. Economists had expected the unemployment rate to remain unchanged.
With the unexpected uptick, the unemployment rate reached its highest level since hitting a matching rate in November 2021.
Treasury yields moved lower following the release of the report amid optimism the continued increase by the unemployment rate will convince the Federal Reserve to lower interest rates in the near future.
"On net, the job market looks considerably cooler in the June report than in May, and the unemployment rate at 4.1% is above where the median Fed policymaker projected it at year-end when they compiled economic projections last month," said Bill Adams, Chief Economist for Comerica Bank.
"From the Fed's perspective, the labor market isn't soft enough justify an interest rate cut at this month's meeting," he added. "But the labor market's cooling trend is quite clear. If inflation holds in its recent range, the Fed is likely to make an initial rate cut at the following decision, in September."
Nonetheless, overall trading activity was somewhat subdued on the day, as some traders remained away from their desks following the Independence Day holiday on Thursday.
Gold stocks moved sharply higher over the course of the session, resulting in a 2.6 percent surge by the NYSE Arca Gold Bugs Index. The strength among gold stocks came as the price of the precious metal climbed to its highest levels in a month.
Significant strength also emerged among software stocks, as reflected by the 1.4 percent gain posted by the Dow Jones U.S. Software Index.
Pharmaceutical and retail stocks also showed notable moves to the upside, with the NYSE Arca Pharmaceutical Index and the Dow Jones U.S. Retail Index climbing by 1.3 percent and 1.1 percent, respectively.
On the other hand, airline stocks showed a substantial move to the downside, dragging the NYSE Arca Airline Index down by 2.5 percent.
A decrease by the price of crude oil also weighed on energy stocks, while banking and steel stocks also saw notable weakness on the day.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Friday. Japan's Nikkei 225 Index closed just below the unchanged line, while China's Shanghai Composite Index fell by 0.3 percent and Hong Kong's Hang Seng Index tumbled by 1.3 percent.
Meanwhile, the major European markets finished the day mixed. While the German DAX Index inched up by 0.1 percent, the French CAC 40 Index dipped by 0.3 percent and the U.K.'s FTSE 100 Index slid by 0.5 percent.
In the bond market, treasuries moved notably higher in reaction to the monthly jobs report. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 8.3 basis points to 4.272 percent.
Looking Ahead
Inflation data returns to the spotlight next week, with the Labor Department due to release its reports on consumer and producer prices in June. Traders are also likely to keep an eye on congressional testimony by Fed Chair Jerome Powell.
Yes, that's a cartoon of me. Louis Rukeyser had us dressed up in 'elf' costumes on the screen broadcast each week. I've dated myself. That occurred for me between 1988-1996. Lou didn't like any bearish comments, so myself and other elves got dumped in 1996.
WHO am I?
MARK LEIBOVIT is Chief Market Strategist for LEIBOVIT VR NEWSLETTERS a/k/a VRTrader.Com. His technical expertise is in overall market timing and stock selection based upon his proprietary VOLUME REVERSAL (TM) methodology and Annual Forecast Model.
Mark's extensive media television profile includes seven years as a consultant ‘Elf’ on “Louis Rukeyser’s Wall Street Week” television program, and over thirty years as a Market Monitor guest for PBS “The Nightly Business Report”. He also has appeared on Fox Business News, CNBC, BNN (Canada), and Bloomberg, and has been interviewed in Barrons, Business Week, Forbes and The Wall Street Journal and Michael Campbell's MoneyTalks.
In the January 2, 2020 edition of TIMER DIGEST MAGAZINE, Mark Leibovit was ranked the #1 U.S. Stock Market Timer and was previously ranked #1 Intermediate U.S. Market Timer for the ten year period December, 1997 to 2007.
He was a 'Market Maker' on the Chicago Board Options Exchange and the Midwest Options Exchange and then went on to work in the Research department of two Chicago based brokerage firms. Mr. Leibovit now publishes a series of newsletters at www.LeibovitVRNewsletters.com. He became a member of the Market Technicians Association in 1982.
Mr. Leibovit’s specialty is Volume Analysis and his proprietary Leibovit Volume Reversal Indicator is well known for forecasting accurate signals of trend direction and reversals in the equity, metals and futures markets. He has historical experience recognizing, bull and bear markets and signaling alerts prior to market crashes. His indicator is currently available on the Metastock platform.
His comprehensive study on Volume Analysis, The Trader’s Book of Volume published by McGraw-Hill is a definitive guide to volume trading. It is now also published in Chinese. Mark has appeared in speaking engagements and seminars in the U.S. and Canada.
OPPORTUNITY TO ACCESS MARK LEIBOVIT'S PROPRIETARY VOLUME REVERSAL INDICATOR - THIS IS THE ONLY PLACE TO DO IT!
https://www.metastock.com/prod
FOLKS THIS ALL YOU NEEDED TO KNOW! HISTORICALLY A GOOD SIGN THAT WE ARE AT OR NEAR A MARKET TOP = BULLISH MEDIA HEADLINES LIKE THIS. RECALL THE MARCH 10, 2000 TOP HEADLINE IN THE WALL STREET JOURNAL (BELOW) RIGHT AT THE TOP!
FOLKS, COMPANY EARNINGS REPORT, THE FED, PRESIDENTIAL RACE, UKRAINE,, CHINA, NORTH KOREA, RUSSIA MAY ONLY BE NOISE TO DISTRACT US. THERE IS MORE TO THE FUTURE OF THE MARKET IN GEOCOSMICS AND GOVERNMENT COVERUP. YOU FILL IN THE BLANKS.
La Niña can impact weather around the world. For example, in 2024, NOAA projected a 60% chance that La Niña would develop between June and August, which could increase the chances of a dangerous Atlantic hurricane season.
https://tinyurl.com/msfk2je9
CHECK THIS OUT! A PROBABLE REASON DISNEY STOCK MAY STILL GO LOWER! MAYBE APPLE NEEDS TO ACQUIRE THEM BUT DO THEY WANT THE HEADACHE?
"There's no way we're hiring a white male for this role" – Michael Giordano, Senior Vice President at the Walt Disney Company.
Help James O'Keefe expose this and other absurdities in the political left
https://tinyurl.com/3mp9yp49
2. WATCH THE FULL ROSWELL MOVIE PRODUCED IN THE 1990s. The film producer of the film (an old friend) makes a cameo appearance in the film.
https://www.disclose.tv/roswel
Why am I highlighting the Michael Savage book? Unfortunately, it tells the story of the mental illness of the Democratic party and followers of their insane beliefs of our society, our laws and communist underpinnings.
I USE JOEL WALLACH'S SUPPLEMENTS EVERY DAY. MAY AGAIN PROVIDE A LINK TO PURCHASE THEM HERE
Biden is pussy whipped into continuing the campaign by his wife when he should be in a rest home. Elder abuse. It is clear Jill has been running show.
Michelle Obama Is A MAN Here's the Proof
https://tinyurl.com/ybubncb6
Joan Rivers: Michelle Obama Is A Man: No One Believed Me & I'm Right AGAIN!!
https://tinyurl.com/ynmbzbk7
COME ON, DAD. IT'S TIME TO EAT
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