On Friday, the markets finished without much change…
All 4 indexes posted modest gains…
- Dow Jones +0.6%
- Nasdaq +0.0%
- S&P 500 +0.5%
- Russell 2000 +0.6%
Sector Round Up
9 of 11 sectors ended the day higher. Leading the charge…
- Utilities (XLU) +2.1%
- Real Estate (XLRE) +1.3%
- Healthcare (XLV) +1.2%
- Energy (XLE) -0.8%
- Communications (XLC) -0.3%
- While the institutions around crypto are imploding, the asset itself has remained resilient.
- As Bitcoin’s whitepaper says, the system is designed to be peer-to-peer “without going through a financial institution.”
- We remain bullish on bitcoin for the long term and continue to buy.
- At writing, 1 bitcoin costs about $16,000
The market isn’t showing any signs of fear…
We’re not seeing any alternate signal at the moment…
It’s a short week due to the Thanksgiving Day holiday on Thursday. The market is closed on Thursday and will close early, at 1 pm, on Friday.
- Normally we expect lower volume and lower volatility during Thanksgiving week.
- Last year however market plummeted on the final trading day of the week as COVID’s Omicron variant emerged.
The holiday week has a bullish tendency. We will be looking to buy calls into any weakness and sell by the end of the month … Futures are lower this morning.
There are a few earnings reports this week.
- We’re not particularly excited about any.
- The “most anticipated” can be found here.
The most exciting news item of the week is the FOMC minutes that will be released at 2 pm on Wednesday. We could get clues about the Fed’s plans for its December meeting.
*NINE support at $10
PDSB resistance at $9
CABA resistance at $4
FDMT on watch
IMMR resistance at $7
NRXP support at $1
^IMVT support at $13
WNC support at $25
GLYC on watch
MGNX support at $6.50
^CROX support at $100
^RYAM support at $7
PRQR on watch
PRVB support at $8
IGT resistance at $25
ADMA support at $2.85
^ARDX support at $2
VVNT support at $9, resistance at $10
TME resistance at $6
GILD resistance at $84