November 8, 2024

Markets:

U.S. stock futures held steady Friday morning following record highs in the S&P 500 and Nasdaq Composite, boosted by a post-election rally and reactions to the Federal Reserve’s latest interest rate cut.

All three major indexes are set for impressive weekly gains, largely driven by Wednesday’s strong rally following President-elect Donald Trump’s win. The S&P 500 is up around 4.3%, while the Dow has gained nearly 4%, putting both on track for their best week since November 2023. The Nasdaq has outpaced them, advancing 5.6% through Thursday’s close. In Thursday’s session, the S&P 500 climbed 0.7%, closing at a new record high, while the Nasdaq gained 1.5%, ending above 19,000 for the first time. Although the Dow ended slightly lower, all three major indexes reached intraday record highs during the session.

Additionally, China announced on Friday a $1.4 trillion fiscal stimulus plan targeting local governments’ “hidden” debt.

Portfolio:

An outstanding week and we head into the last trading session holding one position; WULF. Monster profits booked this week and now we are in position to add massive opportunities on any type of consolidation action.  The exciting part isn’t just the charts but the transformative potential in the sectors we’re in, signaling massive opportunities ahead. It’s surprising that some are still waiting on the sidelines—once the chase for performance starts, the run-up could be remarkable for us!

Looking forward, we anticipate testing the 6030 level on the S&P. After that, we may see some consolidation, with NVDA earnings potentially causing minor dips. The holiday season could bring a period of strong, euphoric trading before the market rotates into new sectors for 2025. Technology, led by the ongoing AI revolution, will remain the driving theme as we’re still in early stages of this wave.

A word of advice: the next pullback or consolidation will be a significant chance to add for the final leg of 2024. Stay patient and be prepared. We’re in attack mode, ready for every opportunity as they emerge.