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NEXT PODCAST THURSDAY EVENING
Inflation is not caused by the actions of private citizens, but by the government: by an artificial expansion of the money supply required to support deficit spending. No private embezzlers or bank robbers in history have ever plundered people’s savings on a scale comparable to the plunder perpetrated by the fiscal policies of statist governments.
~ Ayn Rand
Following the lackluster performance seen in the previous session, stocks moved mostly higher over the course of the trading day on Wednesday. The major averages all climbed to new record closing highs after ending mixed for two straight days.
The tech-heavy Nasdaq led the way higher, jumping by 254.21 points or 1.3 percent to 19,735.16. The Dow also advanced 308.51 points or 0.7 percent to 45,014.04, while the S&P 500 climbed 36.61 points or 0.6 percent to 6,086.49.
The rebound by the Dow came amid a sharp increase by shares of Salesforce (CRM), with the enterprise software company surging by 11.0 percent after reporting better than expected fiscal third quarter revenues.
Chipmaker Marvell Technology (MRVL) also soared by 23.2 percent after reporting fiscal third quarter results that exceeded estimates, contributing to strength in the tech sector.
Optimism about the outlook for interest rates also contributed to the strength on Wall Street following the release of some weaker than expected U.S. economic data.
Payroll processor ADP released a report this morning showing private sector employment in the U.S. increased by slightly less than expected in the month of November.
ADP said private sector employment climbed by 146,000 jobs in November after jumping by a downwardly revised 184,000 jobs in October.
Economists had expected private sector employment to grow by 165,000 jobs compared to the surge of 233,000 jobs originally reported for the previous month.
A separate report released by the Institute for Supply Management showed U.S. service sector growth slowed by more than anticipated in the month of November.
The ISM said its services PMI fell to 52.1 in November from 56.0 in October. While a reading above 50 still indicates growth, economists had expected the index to show a much more modest decrease to 55.5.
Following the data, CME Group’s FedWatch Tool is indicating a 75.5 percent chance the Federal Reserve will lower interest rates by 25 basis points later this month.
During remarks later in the afternoon, Fed Chair Jerome Powell reiterated the central bank will take a cautious approach to cutting rates due to the continued strength of the economy.
Sector News
Airline stocks moved sharply higher over the course of the trading session, with the NYSE Arca Airline Index soaring by 2.9 percent.
Substantial strength was also visible among computer hardware stocks, as reflected by the 2.8 percent surge by the NYSE Arca Computer Hardware Index.
Pure Storage (PSTG) helped lead the sector higher, spiking by 22.1 percent after reporting better than expected fiscal third quarter results.
Software, semiconductor and biotechnology stocks also saw considerable strength, contributing to the jump by the tech-heavy Nasdaq.
On the other hand, energy stocks moved sharply lower along with the price of crude oil, while housing stocks also saw notable weakness.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Wednesday. Japan’s Nikkei 225 Index inched up by 0.1 percent, while China’s Shanghai Composite Index fell by 0.4 percent.
The major European markets also ended the day mixed. While the U.K.’s FTSE 100 Index dipped by 0.3 percent, the French CAC 40 Index climbed by 0.7 percent and the German DAX Index jumped by 1.1 percent.
In the bond market, treasuries recovered from early weakness and climbed firmly into positive territory over the course of the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell 4.3 basis points to 4.180 percent after reaching a high of 4.281 percent.
Looking Ahead
A report on weekly jobless claims may attract attention on Thursday, although activity may be somewhat subdued ahead of the release of the more closely watched monthly jobs report on Friday.
https://finance.yahoo.com/news/fundstrats-tom-lee-predicts-bitcoin-081418697.html
https://www.currentmarketvaluation.com/models/buffett-indicator.php
DOLLAR
CRYPTO
Grocery Stores Warn Of Trouble Ahead
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NEXT FOMC MEETING:
DEC 18
OPPORTUNITY TO ACCESS MARK LEIBOVIT’S PROPRIETARY VOLUME REVERSAL INDICATOR – THIS IS THE ONLY PLACE TO DO IT!
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.
From Martin Armstrong
Biden Authorizes Starting World War III Before Trump Takes Office
I have been warning that our Computer has projected that war will continue and that the Neocons are traitors to the people of the United States and a
threat to the entire world. Biden, the senile one, will sign anything put in front of him, and he is incompetent to be president. For that matter, so is
Kamala. Both threaten the National Security of our nation and the world. Putin is justified to start attacking the United States directly. Since he knows
Trump is coming, he will try to sit on his hands. God help us if the Russian Neocons overthrow Putin. There will be no stopping this.
FDA-Approved Doesn’t Mean Safe for Your Family
GATA CHRIS POWELL PRSENTATION – NOV 2024
Grant Williams’ documentary examining gold price manipulation is posted at YouTube
An hour-long documentary program produced in 2018 by financial letter writer Grant Williams for his Real Vision internet site concentrates on gold price
manipulation and was posted Friday in the clear at YouTube.
The program is Part 2 of “Gold: The Story of Man’s 6,000 Year Obsession,” and it’s still compelling for incisive comments from some major figures in the
gold world, including Brent Cook, Dan Oliver, Egon von Greyerz, Jim Rickards, Luke Gromen, Ned Naylor-Leyland, Rick Rule, Ronald-Peter Stoeferle, Ross
Beaty, Ross Norman, Simon Mikhailovich, and Bernhard Schnellmann.
It can be seen at YouTube here:
https://tinyurl.com/k4vnpjmu
The Walt Disney Company has been criticized (MYSELF INCLUDED) for its “woke” content and has faced backlash from conservative politicians and social media voices. Some of the criticisms include:
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Donations to LGBTQIA+ organizations
Some shareholders have argued that Disney’s donations to organizations that serve the LGBTQIA+ community are “extreme pursuits” that ignore the beliefs of most Americans.
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Inclusion of LGBTQ+ characters
Some critics have taken issue with Disney’s inclusion of LGBTQ+ characters and elements in stories, such as a same-sex kiss in Lightyear and a nonbinary character in Elemental.
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Black Ariel in Little Mermaid
Some critics have taken issue with the inclusion of a Black Ariel in the recent Little Mermaid.
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Economic and reputational consequences
Some claim that Disney’s “woke virtue signaling” has had economic and reputational consequences, with Disney’s market cap falling nearly 40% since February 2021.
In response to these criticisms, Disney CEO Bob Iger has said that:
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Disney’s biggest priority is entertaining audiences
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Disney is focused on the future, not the past
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Disney needs to be more sensitive to the interest of a broad audience
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Disney’s primary mission is to entertain and then have a positive impact on the world through entertainment
I USE JOEL WALLACH’S SUPPLEMENTS EVERY DAY. MAY AGAIN PROVIDE A LINK TO PURCHASE THEM HERE
COME ON, DAD. IT’S TIME TO EAT
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