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Stock Market Today: October 21st - 25th, 2024

Discussion in 'Stock Market Today' started by StockBoards Bot, Oct 4, 2024.

  1. StockBoards Bot

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    Welcome to the trading week of October 21st!

    Dow, S&P 500 close at record highs and mark the year's longest winning streak

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    Both the S&P 500 and the Dow Jones Industrial Average surged to new record highs Friday, sealing six straight weeks of gains.

    The broad market benchmark advanced 0.40% to close at 5,864.67. The Dow Jones Industrial Average gained 36.86 points, or 0.09%, to end at 43,275.91. The Nasdaq Composite, led by a post-earnings jump in Netflix, ended the day up 0.63% at 18,489.55.

    The three major averages cinched their sixth straight positive week. This marked the longest string of weekly advances in 2024 for both the Dow and S&P 500, which respectively ended 0.96% and 0.85% higher. The Nasdaq climbed 0.80%.

    Netflix climbed 11% on Friday after the streaming giant beat Wall Street's earnings and revenue estimates in the third quarter, while reporting a 35% jump in ad-tier memberships from the prior three-month period. Procter & Gamble also reported better-than-expected earnings, while revenue fell short of estimates.

    More than 70 S&P 500 companies have reported earnings this season. Of those, 75% have beaten expectations, according to FactSet.

    Despite an expected increase in volatility in the market leading up to the election, stocks may actually continue to rally through November, according to Rob Williams, chief investment strategist at Sage Advisory. This would be atypical for an election year.

    "Usually it's the other way around — the market's hesitant, and then it does well after the election. Now we're getting the reverse of it and ... Maybe you get the opposite of what we had — stocks will be strong into the election and then have some volatility fall on the election," he said.

    Williams attributed this outperformance to investors already pricing in a win from Republican nominee and former President Donald Trump, whose policies would be more business friendly in terms of taxes and regulations.

    This past week saw the following moves in the S&P:
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    S&P Sectors End of Week:
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    Major Indices End of Week:
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    Major Futures Markets End of Week:
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    Economic Calendar for the Week Ahead:
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    What to Watch in the Week Ahead:
    (N/A.)
     
    #1 StockBoards Bot, Oct 4, 2024
    Last edited: Oct 21, 2024
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    Bullion, Bitcoin, & Banks Soar As 'Trump Trade' Dominates Data This Week
    FRIDAY, OCT 18, 2024 - 04:00 PM

    A dip in 'soft' data was overwhelmed by a resurgence in 'hard' data this week...

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    Source: Bloomberg

    ...and that 'no landing' narrative-builder pushed rate-cut expectations down for 2024 (but dovishly higher for 2025)...

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    Source: Bloomberg

    But, under the surface of the markets is one narrative that even the MSM is struggling to battle with their lies!! The 'Trump Trade' is on like Donkey Kong...

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    Source: Bloomberg

    In fact, it's more than just a Trump victory, a "Red Sweep" is starting to emerge as a strong possibility...

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    Another low quality rally kept stocks propped into the weekend, according to Goldman trading desk with Small Caps leading the week strongly while Nasdaq ended unchanged...

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    The Small Caps gain was all short squeeze (and gamma squeeze)...

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    Source: Bloomberg

    Banks were big winners this week while Energy stocks lagged huuuuge. Tech was unchanged...

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    Source: Bloomberg

    VIX declined this week as various 'event' risk catalysts (and OpEx) fell off the books...

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    Source: Bloomberg

    ...but vol is set to rise into the election and FOMC...

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    Source: Bloomberg

    Despite a very chaotic (and holiday shortened) week, Treasury yields ended only marginally changed with the long-end modestly outperforming...

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    Source: Bloomberg

    With the 2Y Yield hitting 4.00% and back down while the 10Y yield dipped below 4.00% midweek, only to push back to the highs of the week this morning...

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    Source: Bloomberg

    Gold ripped above $2700 for a new record high this week...

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    Source: Bloomberg

    ...and Silver rallied for the fifth week in the last six, breaking above $33 to close at its highest since Dec 2012

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    Source: Bloomberg

    ...Silver is outperforming gold in recent weeks (which should come as no surprise to professional subscribers)...

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    Source: Bloomberg

    The dollar continued its charge higher this week, back to near July highs...

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    Source: Bloomberg

    The correlation between gold and the dollar is soaring to its highest since March 2022...

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    Source: Bloomberg

    Bitcoin also ripped to its highest 'close' since June, nearing $70,000 this morning...

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    Source: Bloomberg

    Ethereum continues to lag its big brother in crypto, erasing almost all of the DeFi boom outperformance...

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    Source: Bloomberg

    Oil prices plunged significantly this week (with two big legs down) pushing WTI back below $70. This was the worst week for crude in over a year...

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    Source: Bloomberg

    Finally, all the prediction markets are bid for a Trump/Republican victory in November (but the 'polls' still favor Harris)...

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    Source: Bloomberg

    ...and of course, the MSM cry foul... somehow believing that this is 'manipulated' (as a reminder, in a market, there are buyers and sellers... why not 'manipulate' that 'market' back your way if you don't agree with the price?)...

    ...but then again, we are probably the last people to claim that stocks are not rigged too...
     
    #2 StockBoards Bot, Oct 4, 2024
    Last edited: Oct 18, 2024
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    New All-Time S&P 500 Highs – No Need to Fear Until They Cease

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    S&P 500 has recorded 46 new all-time closing highs as of the market’s close on October 16, 2024. All of these new all-times highs have accompanied a solid 22.5% S&P 500 gain thus far. Since 1950, S&P 500 has recorded 1370 new all-time closing highs in nearly 75 years, which averages out to 18.3 new all-time highs per year. This makes 2024 an above average year and there is still over two months of trading remaining.

    In the table above, yearly S&P 500 performance has been split into three separate categories, Above Average (more than 18), Below Average (1 to 18), and No New Highs based on the frequency of new all-time highs logged in each year. Each category has the year, the number of new all-time highs, the year’s performance and the following year’s performance.

    Years with an above average number of new all-time highs, outperformed by a wide margin. Only 2018 was negative. Average S&P 500 full-year gain was a solid 20.7%. Years with a below average number of new all-times, were mixed and produced the smallest average gain. Years with no new all-time highs were slightly better based upon an average gain of 3.0% and more advancing years, but also had frequent double-digit losses.

    Looking at the Next Year % performance when S&P 500 stops hitting new all-time highs is where some concern begins to trickle in. S&P 500 performance in the Next Year after an Above Average Year has not been all that great. Average performance dives to just 5.9% and only 63% of the Next Years were positive. The next time you hear someone getting nervous about S&P 500 new all-time highs frequently occurring, their concern is not entirely unwarranted.

    Why There Could Be Years Left to This Bull Market
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    “No man ever steps in the same river twice, for it’s not the same river and he’s not the same man.” — Heraclitus, ancient Greek philosopher

    First things first, no one knows how much longer this bull market might last, but as we’ve been saying for a long time now, we see no reasons to expect the economy to sink into a recession, nor do we see any major warning signs the bull market is over. The good news is once bull markets make it past their second birthday, they tend to last multiple more years.

    Here’s a table we shared in Happy Second Birthday to the Bull Market last week, but we wanted to take a closer look at how long recent bull markets have lasted. The 114% rally after the pandemic didn’t quite make it to two years, but looking back fifty years, every other bull market has had a lot more left in the tank after its second birthday. There were five bull markets over that time span that made it to the start of their third year, and the shortest one lasted was 5.0 years (which actually happened twice). I like to think of this like a cruise ship — once it gets moving it is hard to stop or slow down.

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    Here’s another look at things. I’ll say this, this table took me a long time to put together, but I like the way it turned out and I think we can learn a lot from it. The bottom line is year three of bull markets tend to be rather weak, up only 2.1% on average. I guess this shouldn’t be a huge surprise, as usually years one and two tend to see huge gains, so some type of choppy action or consolidation the third year would be normal.

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    Now take a look at how often bull markets made it to years four and five once they get to their third birthday. Should this bull market make it another year (as we expect), the returns in years four and five are extremely strong, up 14.6% in year four and nearly 19% in year five. That should have bulls smiling indeed.

    Go read the quote above by Heraclitus again. I think it relates quite well to bull markets, as no two bull markets are ever the same. We like to look at the past to get a picture for what could happen in the future, but the truth is all bull markets are different. All we can do is look at the data as we get it and make an honest assessment of what could happen next. And not to beat a dead horse, but we simply see no reason to change the overweight we’ve held on stocks since December 2022, nor do we see enough cracks in the economy to call for a recession. So how much longer could this bull market last? Maybe many more years, which might surprise many, but history says it is possible.

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    Election Update Part 2: Potential Risks to the Outlook
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    We are now three weeks to election day, though about 4.7 million people have already voted. Most of those are mail-in ballot. About 55 million mail ballots have been requested (that’s 35% of the total votes cast in 2020), and 3.8 million have been returned so far.

    In part 1 of this election update, I walked through where the odds stand for the presidential election, the Senate, and House. That was from a week ago, and things really haven’t changed much. It’s a very close race for the presidency, at least going by polls. In some ways, the US is bucking a global trend. Incumbents across the world who governed through the inflationary aftermath of the pandemic have taken bit of thumping at the polling booth, including in Britain, France, South Korea, Brazil, India, and even South Africa. The counter here in the US is that the economy has outperformed other developed economies and even pre-pandemic projections. At the same time, there’s a lot of uncertainty in the polls. Even a narrow polling error could see Vice President Harris win in a landslide, or former President Trump winning with a margin that exceeds his narrow victory in 2016.

    Control of Congress is especially important this time around. That’s because we have a massive fiscal event, or cliff, at the end of next year. If Congress does nothing, a lot of elements of the 2017 Tax Cut and Jobs Act (TCJA, which was signed into law by former President Trump) will expire on December 31, 2025. Most expiring provisions are on the individual side, but there’s some risk on the business side as well. Washington DC in 2025 is likely to be dominated by tax policy related negotiations, which will get ever more feverish as the deadline approaches.

    What Could Upset the Apple Cart? Higher Taxes and Tariffs
    To be clear, by “apple cart,” I mean the stock market and the economy (and both are looking pretty good).

    Right now, the race for the House is tight, while Republicans are favored in the Senate. Odds slightly favor split party control of Washington D.C. next year, a situation that has historically been positive for markets (Presidents can’t “go big” on policy changes in one direction or the other). However, the odds of a Blue Wave or a Red Wave are not insignificant. So, it’s worth looking at the biggest risks associated with either a Blue or a Red wave.

    Blue wave: The main risk of a Democratic sweep is higher corporate taxes. Harris’ plans include raising the corporate tax rate from 21% to 28%. That would not be as high as it was pre-2017 (35%), but it would still be a drag for equities. However, even if we have a 2022-sized polling error in favor of Democrats, the Senate will likely be close. There’s likely to be at least 1-2 centrist-leaning senators within the Democratic party who are unlikely to agree to a corporate tax hike, so I think the odds of a corporate tax hike even with a blue wave are quite low.

    Red wave: The main risk of a Republican sweep is around tariffs. Tariff policy does not necessarily involve Congress. Presidents can impose tariffs without bringing Congress into the matter, as former President Trump did in his first term. This matters because President Trump has ratcheted up the rhetoric on tariffs. He recently said he’d impose a 200% tariff on vehicles imported from Mexico (which would drive up prices immediately). He could be emboldened by a red wave, taking it as tacit approval for his tariff proposals. By itself, this would not be a great scenario for markets. Looking back, the trade war of 2018-2019 created a lot of volatility. The S&P 500 eventually recovered from a 4% drop in 2018, mostly thanks to the Fed pulling back rates in 2019. However, if inflation surges because of tariffs, the Fed may put interest rate normalization on hold, creating an additional headwind for the economy and markets.

    Investment spending, which is what you need for productivity growth, also lagged across 2018-2019, reversing gains made initially in anticipation of corporate tax cuts. The chart below shows new orders for nondefense capital goods (a proxy for business investment) from 2017 through February 2020 (pre-pandemic). The TCJA was strong supply-side policy implementation that encouraged investment, but its impact was considerably dulled by the Trump administration’s trade policy.

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    Deficit Spending, as Far as the Eye Can See
    Both Harris and Trump have put out various tax proposals. We can’t really know what will be implemented. In addition to not knowing who will be in the White House and the make-up of Congress, we don’t know how much of this is just campaign rhetoric. But the big picture is this: deficits are likely to increase.

    We think Congress is unlikely to simply do nothing and let all tax cuts expire. This “fiscal cliff” is certainly a risk, especially if we get split party control and the different sides can’t reach a deal, but both sides would likely consider such an approach an unforced policy error, not to mention a midterm election error. Think of what higher taxes across the board will do to household spending in early 2026. However, this is highly unlikely, especially with upcoming midterm elections in 2026 clarifying the sense of purpose (and ambitions) in Congress.

    By itself, extending every single expiring provision of the TCJA will increase the federal budget deficit by $5.2 trillion over the next 10 years (2026-2035). With that baseline, let’s look at the impact of the two candidate’s plans, as analyzed by the bipartisan Committee for a Responsible Federal Budget (CRFB).

    Harris’ plans would add about $3.5 trillion to the deficit, with estimates of $0 at the low end, and $8.1 trillion at the high end. Trumps’ plans would add $7.5 trillion to the deficit, with $1.5 trillion at the low end, and $15.2 trillion at the high end. The table below is from the CRFB and shows the median estimates for both candidates. None of it is likely to come to pass exactly as you see below, but these will form the outlines of any negotiation. And irrespective of who’s President, or who controls Congress, the path of least resistance is more spending, and higher deficits (I wrote about this way back in March).

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    Taken from: https://www.crfb.org/papers/fiscal-impact-harris-and-trump-campaign-plans

    Rising Deficits During Economic Expansions Is Rare
    The Federal government’s “primary balance” is revenue minus spending excluding interest payments on Treasury debt. It is one way to measure how much net spending is happening at the Federal level. The chart below shows the primary balance as a percent of GDP. As you can see, prior to the 2010s, the primary balance was always in positive territory as economic expansions wore on. It fell into deficit only during recessions, which isn’t surprising. That’s when economic stabilizers (like unemployment benefits) kick in. Revenue collection also drops during recessions, as there’s less income. In short, US fiscal policy has historically been counter-cyclical. The exception to this was the mid-to-late 2010s, when deficits rose even as the economy strengthened (especially after the TCJA was passed). But this new dynamic is likely to continue into the rest of this decade.

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    Markets May Like Deficit Spending, At Least Temporarily
    Deficits can potentially boost corporate profits, assuming it doesn’t crowd out consumer spending or private sector investment — we wrote about this in our 2024 midyear outlook. That’s positive for markets, since profits are what matter. At the national aggregate level, corporate profits are the net result of saving and consumption by the four major sectors of the economy: households, businesses, government, and the rest of the world (via trade). Rising household savings and rising government savings (budget surpluses) drag from profits, and vice versa. More business investment and dividends paid out add to profits. A rising current account surplus means the rest of the world is buying more US-made goods and services than Americans buy from foreigners, and that increases business revenues and profits, whereas a current account deficit (which is typically what the US has) means Americans buy relatively more from abroad, and that’s a drag on profits. Note that this aggregate picture doesn’t tell us which companies are growing profits, or how it’s distributed across industries.

    Profit growth surged over the 2016-2019 period on the back of higher fiscal deficits (post-TCJA). Even over the last six quarters, households have started saving more (relatively) but corporate profits rose because fiscal deficits started growing again.

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    All this to say, the risks of a higher corporate tax rate (Harris) or tariffs (Trump) could be countered by rising fiscal deficits, resulting in a net boost to profits. That’s potentially positive for markets.

    The main concern with deficit-fueled growth is whether it leads to inflation. It doesn’t have to, like in 2018-2019, or even more recently over the past 18 months, when deficits rose but inflation eased. However, it’s quite likely that a US economy that is growing and near its productive capacity sees bouts of higher inflation as well. That could put a halt to the Fed’s easing cycle, and at worst, reverse it with the Fed raising interest rates once again. (Ironically, deficits worsen as rates rise because of higher interest costs for the government.)

    Nothing is binary when it comes to investing, let alone for the economy. I’ve laid out several potential risks for markets and the economy, under either a Harris or Trump administration. That doesn’t mean these risks have a high chance of materializing. The most important thing to keep in mind is that U.S. companies are amongst the most dynamic in the world and can adapt to temporary headwinds, whether higher taxes or tariffs. That’s ultimately positive for long-term profit growth, which is what drives markets for the most part. What we really don’t want to see is a recession, but that’s far from our base case right now.

    October Monthly Option Expiration Week: S&P 500 Up 14 of the last 16

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    Since 1994, October’s expiration day tends to be mixed with modest average losses across the board even though S&P 500 and NASDAQ have advanced more often than not. Expiration week and the week after have been bullish led by solid average gains from DJIA and S&P 500. DJIA and S&P 500 have the best long-term records. October’s reputation for volatility can be seen with wild daily and weekly swings in the tables below. Weekly moves in excess of 4% appear throughout the tables below. However, not all of those big weeks were losers especially during the following week.

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    The Bull's Biggest Hits and Misses
    Mon, Oct 14, 2024

    The bull market turned two years old over the weekend, so we wanted to take a quick moment to highlight some of the S&P 500's biggest winners and losers over the last two years. Since the S&P 500's closing low two years ago, 73 stocks in the S&P 500 have rallied at least 100% while just 71 are down. The table below lists the 19 stocks that have rallied at least 200%, and below that we list the 24 stocks that have declined at least 25%.

    AI has been a leading theme of the bull market, so most people already know that NVIDIA (NVDA) -- with its ten-bagger -- tops the list in terms of performance. Even the big gains in Super Micro (SMCI) and Vistra (VST) probably won't surprise many people, but looking through the list, some names will likely be eye-openers. Take General Electric (GE). Wasn't that an also-ran from the 1990s? After two decades in a 'penance' working off the financial engineering before 2000 and some questionable leadership and strategic decisions, GE has gotten a new lease after breaking up into three units. Its aerospace unit, which trades under the old ticker GE, has rallied more than 350% during this bull market, and even the two other spin-offs, GE Vernova (GEV), which consists of its electric power business, has doubled, while GE Healthcare (GEHC) is up 50%. Besides GE, other names that may come as a surprise to investors are Royal Caribbean (RCL), Axon Enterprises (AXON), Howmet Aerospace (HWM), and KKR. At the sector level, Technology leads the list with seven of the 19 names listed while Consumer Staples, Energy, Materials, Health Care, and Real Estate aren't represented at all.

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    Of the 24 stocks that have declined at least 25%, seven come from the Consumer Staples sector, including Walgreens Boots Alliance (WBA) and Dollar General (DG), which are both down over 60%. Health Care is the second most represented sector with six stocks, while Materials is the only other one with more than two stocks on the list. Overall, eight sectors are represented, with Consumer Discretionary, Financials, and Real Estate being the only ones missing.

    Moderna (MRNA) and Pfizer (PFE) were two of the biggest winners during Covid as investors couldn't get enough of the stocks given their exposure to the vaccine. Now that Covid is well in the rearview mirror and jabs of the treatment have slowed to a trickle relative to the rates of 2021, investors want little to do with these former market darlings.

    The lists of winners and losers during this bull market illustrate the importance of first-mover advantages. In the table above, streaming pioneer Netflix (NFLX) ranked 15th in performance with a gain of 227%. Contrast that to names like Paramount Global (PARA) and Warner Brothers Discovery (WBD) below. In 2021, these companies and others were convinced by NFLX's streaming success that launching their own services would be a breeze. However, as the years have passed, the competitive nature of the streaming market has become apparent. There's a limit to how many services consumers are willing or able to pay for.

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    #3 StockBoards Bot, Oct 4, 2024
    Last edited: Oct 17, 2024
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    Here are the percentage changes for the major indices for WTD, MTD, QTD & YTD in 2024-
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    S&P sectors for the past week-
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    #4 StockBoards Bot, Oct 4, 2024
    Last edited: Oct 18, 2024
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    Here are the current major indices pullback/correction levels from 52WK highs as of week ending 10.18.24-
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    Here is also the pullback/correction levels from current prices
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    Here are the current major indices rally levels from 52WK lows as of week ending 10.18.24-
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    #5 StockBoards Bot, Oct 4, 2024
    Last edited: Oct 18, 2024
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    [​IMG]

    Here are the upcoming IPO's for this week-

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    #6 StockBoards Bot, Oct 4, 2024
    Last edited: Oct 24, 2024
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    Stock Market Analysis Video for October 18th, 2024
    Video from AlphaTrends Brian Shannon


    ShadowTrader Video Weekly 10/20/24
    Video from ShadowTrader Peter Reznicek
     
    #7 StockBoards Bot, Oct 4, 2024
    Last edited: Oct 21, 2024
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    StockBoarders! Come join us on our stock market competitions for this upcoming trading week ahead!-

    ========================================================================================================

    StonkForums Weekly Stock Picking Contest & SPX Sentiment Poll (10/21-10/25) <-- click there to cast your weekly market direction vote and stock picks for this coming week ahead!

    Daily SPX Sentiment Poll for Monday (10/21) <-- click there to cast your daily market direction vote for this coming Tuesday ahead!

    ========================================================================================================

    It would be pretty sweet to see some of you join us and participate on these!

    I hope you all have a fantastic weekend ahead! :cool:
     
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    [​IMG]

    Here are the most anticipated Earnings Releases for this upcoming trading week ahead.

    ***Check mark next to the stock symbols denotes confirmed earnings release date & time***


    Monday 10.21.24 Before Market Open:

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    Monday 10.21.24 After Market Close:

    (T.B.A.)

    Tuesday 10.22.24 Before Market Open:

    (T.B.A.)

    Tuesday 10.22.24 After Market Close:

    (T.B.A.)

    Wednesday 10.23.24 Before Market Open:

    (T.B.A.)

    Wednesday 10.23.24 After Market Close:

    (T.B.A.)

    Thursday 10.24.24 Before Market Open:

    (T.B.A.)

    Thursday 10.24.24 After Market Close:

    (T.B.A.)

    Friday 10.25.24 Before Market Open:

    (T.B.A.)

    Friday 10.25.24 After Market Close:

    (NONE.)
     
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    And finally here is the most anticipated earnings calendar for this upcoming trading week ahead-
    ($TSLA $VZ $ENPH $LRCX $VRT $BA $SAP $IBM $GM $T $MMM $RTX $NUE $KO $FCX $AAL $UPS $GE $DXCM $CLS $NEE $NEM $NOW $WRB $LMT $QS $DGX $DECK $VKTX $GEV $BOKF $LOGI $LUV $LVS $TMO $TMUS $VIST $WDC $ZION $URI $SKX $MOH $LKQ $PM $NLY $NDAQ $BDN $CME $AGNC $NYCB)
    [​IMG]

    If you guys want to view the full earnings post please see this thread here-
     
    #10 StockBoards Bot, Oct 4, 2024
    Last edited: Oct 19, 2024
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  11. stock1234

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    Getting closer and closer to the election, seems to me the market might be pricing in a Trump victory here with the bank stocks and bitcoin doing well while Treasury yields are going up, we will see if this trend continues into November 5th :hmm:
     
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  12. OldFart

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    Slow news day this morning:
    upload_2024-10-21_5-48-10.png
     
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  13. OldFart

    OldFart Well-Known Member

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    Largest deficit in US history :eek2:
    upload_2024-10-21_9-41-3.jpeg
     
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    Top of the morning StockBoarders! :coffee: Happy Monday to all of you and welcome to the new trading week and a frrrrrrrrrrrresh start. Here is a quick check on those futures as we are over 2 hours into the US cash market open.

    GLTA on this Monday, October the 21st, 2024! :cool3:

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    Here are today's economic calendar events:

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    Here are today's analyst stock upgrades & downgrades:

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    Here are this morning's pre-market earnings results:

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    Morning Lineup - 10/21/24
    Mon, Oct 21, 2024

    Last week marked the sixth straight week of gains for the S&P 500, but the tone to kick off this week has been subdued. Pre-market equity futures have been lower all morning and picking up steam to the downside. European shares are down close to 1% with Germany leading the way as PPI fell 0.5% or more than twice the consensus forecast for a decline of 0.2%. Treasury yields and crude oil, which are also both higher, aren't helping the sentiment backdrop for equities either.

    The only economic report on the calendar this morning is Leading Indicators at 10 AM, but it will be a busy week of data in terms of both earnings and economic reports.

    Gold is trading up nearly 1% this morning and on pace for its fifth straight daily gain and fourth record closing high in a row. It’s been an amazing year for gold, and one example of that strength is that this current streak of record-closing highs is the longest since a six-day streak at the end of…late September.

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    If today’s gains hold, it would be the 43rd time this year that the stock closed at a record high. As shown in the chart below, that would rank as the second most record closing highs for a calendar year, trailing only the 57 record closing highs in 1979. With 49 trading days left in the year, that record in 1979 may not necessarily be destined, but it’s certainly within reach.

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    Along with the surging price of gold, gold miner stocks have been on a nice run this year. While gold is up just under 33% for the year, the S&P 1500 Gold Industry index has rallied even more with a gain of 37.3%.

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    Logically, it would make sense that gold stocks have been rallying by similar amounts as the commodity, but that has hardly been the case over the long term. Since the start of 1995, the S&P 1500 Gol Industry has rallied 57.1%, but gold is up more than ten times that at 615.3%!

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