U.S. MARKETS:
Capping off a strong week for the markets, stocks moved considerably higher during the trading session on Friday. The Dow and the S&P 500 closed higher for the fifth straight
day, while the tech-heavy Nasdaq extended its winning streak to six sessions.
The major averages pulled back off their best levels going into the close but remained firmly positive. The Nasdaq surged 184.09 points or 1.4 percent to 13,478.28, the S&P 500
jumped 40.56 points or 0.9 percent to 4,358.34 and the Dow advanced 222.24 points or 0.7 percent to 34,061.32.
For the week, the Nasdaq skyrocketed by 6.6 percent, the S&P 500 soared by 5.9 percent and the Dow spiked by 5.1 percent.
The continued strength on Wall Street reflects a positive reaction to a Labor Department report showing U.S. employment rose by less than expected in the month of October.
The closely watched report said employment climbed by 150,000 jobs in October after jumping by a downwardly revised 297,000 jobs in September.
Economists had expected employment to increase by 180,000 jobs compared to the surge of 336,000 jobs originally reported for the previous month.
The Labor Department also said the unemployment rate crept up to 3.9 percent in October from 3.8 percent in September. The unemployment rate was expected to remain unchanged.
The data has added to optimism the Federal Reserve is done raising interest rates after the central bank left rates unchanged for the third time in four meetings earlier this
week.
Treasury yields are extending a recent slump following the release of the report, adding to the buying interest on Wall Street.
“Given that jobs growth is slowing and the unemployment rate is ticking up slightly, that is the kind of data that will keep the Fed on hold and both stock and bond prices
should move higher (bond yields lower) in the absence of a more aggressive Fed,” said Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance.
A separate report released by the Institute for Supply Management showed a bigger than expected slowdown in the pace of growth in U.S. service sector activity in the month of
October.
The ISM said its services PMI fell to 51.8 in October from 53.6 in September, although a reading above 50 still indicates growth. Economists had expected the index to edge down
to 53.0.
Sector News
Airline stocks saw substantial strength on the day, driving the NYSE Arca Airline Index up by 4.9 percent. The index continued to recover after ending Wednesday’s trading at
its lowest closing level in over three years.
Considerable strength was also visible among gold stocks, as reflected by the 4.4 percent spike by the NYSE Arca Gold Bugs Index.
The rally by gold stocks came amid a modest increase by the price of the precious metal, with gold for December delivery inching up $5.70 to $1,999.20 an ounce.
Interest-sensitive housing stocks also turned in a particularly strong performance, resulting in a 3.2percent surge by the Philadelphia Housing Sector Index.
Banking, biotechnology and telecom stocks also saw notable strength, while oil stocks were among the few groups to buck the uptrend amid a steep drop by the price of crude oil.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved notably higher on Friday, with the Japanese markets closed for a holiday. Hong Kong’s Hang Seng Index
soared by 2.5 percent, while South Korea’s Kospi jumped by 1.1 percent.
Meanwhile, the major European markets turned in a mixed performance on the day. While the German DAX Index rose by 0.3 percent, the French CAC 40 Index dipped by 0.2 percent
and the U.K.’s FTSE 100 Index fell by 0.4 percent.
In the bond market, treasuries moved sharply higher, extending the strong upward move seen over the two previous sessions. As a result, the yield on the benchmark ten-year
note, which moves opposite of its price, tumbled by 11.1 basis points to 4.558 percent.
Looking Ahead
The economic calendar is relatively quiet next week, although traders are likely to keep an eye on reports on initial jobless claims, the U.S. trade deficit and consumer
sentiment along with remarks by Fed Chair Jerome Powell.
U.S. DOLLAR
CANADIAN DOLLAR
URANIUM
COMMODITIES
Could We See Traditional Fall Market Rally?
https://www.howestreet.com/2023/11/could-we-see-traditional-fall-market-rally-mark-leibovit/
CRYPTO UPDATE AS OF NOVEMBER 5, 2023:
https://tinyurl.com/2rd9wv52
OPPORTUNITY TO ACCESS MARK LEIBOVIT’S PROPRIETARY VOLUME REVERSAL INDICATOR – THIS IS THE ONLY PLACE TO DO IT!
https://www.metastock.com/
FROM 2007 – REP RON PAUL:
THE CASE FOR ABOLISHING THE FEDERAL RESERVE
G EDWARD GRIFFIN
https://www.youtube.com/watch?
The President’s Working Group on Financial Markets
known colloquially as the Plunge Protection Team, or “(PPT)” was created by Executive Order 12631,[1] signed on March 18, 1988, by United States President Ronald Reagan.
As established by the executive order, the Working Group has three purposes and functions:
“(a) Recognizing the goals of enhancing the integrity, efficiency, orderliness, and competitiveness of our Nation’s financial markets and maintaining investor confidence, the Working Group shall identify and consider:
(1) the major issues raised by the numerous studies on the events in the financial markets surrounding October 19, 1987, and any of those recommendations that have the potential to achieve the goals noted above; and
(2) the actions, including governmental actions under existing laws and regulations (such as policy coordination and contingency planning), that are appropriate to carry out these recommendations.
(b) The Working Group shall consult, as appropriate, with representatives of the various exchanges, clearinghouses, self-regulatory bodies, and with major market participants to determine private sector solutions wherever possible.
(c) The Working Group shall report to the President initially within 60 days (and periodically thereafter) on its progress and, if appropriate, its views on any recommended legislative changes.”
Plunge Protection Team
“Plunge Protection Team” was originally the headline for an article in The Washington Post on February 23, 1997, and has since been used by some as an informal term to refer to the Working Group. Initially, the term was used to express the opinion that the Working Group was being used to prop up the stock markets during downturns.[5 Financial writers for British newspapers The Observer and The Daily Telegraph, along with U.S. Congressman Ron Paul, writers Kevin Phillips (who claims “no personal firsthand knowledge” and John Crudele,[8] have charged the Working Group with going beyond their legal mandate.[failed verification] Charles Biderman, head of TrimTabs Investment Research, which tracks money flow in the equities market, suspected that following the 2008 financial crisis the Federal Reserve or U.S. government was supporting the stock market. He stated that “If the money to boost stock prices did not come from the traditional players, it had to have come from somewhere else” and “Why not support the stock market as well? Moreover, several officials have suggested the government should support stock prices.”
In August 2005, Sprott Asset Management released a report that argued that there is little doubt that the PPT intervened to protect the stock market.[10] However, these articles usually refer to the Working Group using moral suasion to attempt to convince banks to buy stock index futures.
Former Federal Reserve Board member Robert Heller, in the Wall Street Journal, opined that “Instead of flooding the entire economy with liquidity, and thereby increasing the danger of inflation, the Fed could support the stock market directly by buying market averages in the futures market, thereby stabilizing the market as a whole.” Author Kevin Phillips wrote in his 2008 book Bad Money that while he had no interest “in becoming a conspiracy investigator”, he nevertheless drew the conclusion that “some kind of high-level decision seems to have been reached in Washington to loosely institutionalize a rescue mechanism for the stock market akin to that pursued…to safeguard major U.S. banks from exposure to domestic and foreign loan and currency crises.” Phillips infers that the simplest way for the Working Group to intervene in market plunges would be through buying stock market index futures contracts, either in cooperation with major banks or through trading desks at the U.S. Treasury or Federal Reserve.
The Exchange Stabilization Fund protects the FED.
We already know the FED is lying that raising interest rates will reduce price inflation. The Exchange Stabilization Fund (ESF) is an emergency reserve account that can be used by the U.S. Department of Treasury to mitigate instability in various financial sectors, including credit, securities, and foreign exchange markets. The U.S. Exchange Stabilization Fund was established at the Treasury Department by a provision in the Gold Reserve Act of 1934.
https://en.wikipedia.org/wiki/
Gold market manipulation: Why, how, and how long? (2021 edition)
https://gata.org/node/20925
COME ON, DAD. IT’S TIME TO EAT
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