US equity indexes closed rather mixed, SPX -4pts (-0.1%) at 4544. Nasdaq comp’ -0.8%. Dow +0.2%. The Transports settled +1.0%. R2K -0.2%.
sp’60min
Summary
closing hour action: micro chop, leaning a touch higher, whilst s/t momentum ticked upward. The setup leans to the bulls for early Monday.
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… and that concludes the week. With a trio of index historic highs, it was a day and week for the equity bulls, as the run from 4329 continues.
The market is s/t over-stretched. A cooling wave to the 4450s is minimum target, but that won’t do much to dent daily momentum which should remain positive into early November.
I’d just add that anyone getting twitchy about QE taper, really should see how the market reacted last time, but more on that later.
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notable stock: BYND, 3yr
Lowered guidance. Someone on Twitter suggested to me Beyond Meat might be bought out, but who would buy it? Sure… the brand has value, but the company is still not profitable since it was listed in May 2019.
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notable bond ETF: TLT
Bonds rebounded, but the m/t trend is absolutely bearish, with higher yields into 2022.
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notable stock: DWAC
I have to make mention of this here. What a truly insane two days since the news this will eventually be a rival to TWTR, FB, and GOOGL. This is going to be one severely politicised stock. For the Trump haters… I’d imagine they want to see it crash and burn, whilst the stock will likely capture a huge mid/long term bid from those who want to see him back in the White House.
Regardless… it makes for some free sideshow entertainment. Right now, its impossible to fathom what its really worth, as it could trade to almost any price between now and early 2022, when ‘Truth Social’ should go live.
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A chilly 10c/50f, but then its autumn. Have a good evening
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more later on the VIX and Indexes by 6pm EST