Stock Market Brief in Count Down to US Election Result 2024
Stock-Markets / Stock Markets 2024 Nov 03, 2024 - 10:32 PM GMTBy: Nadeem_Walayat
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Stock Market Brief in Count Down to US Election Result 2024
(3rd Nov 2024 - 4pm UK Time)
Just 2 more days to go until both the US Election 2024 and correction window end that should resolve in the S*P blasting off into space targeting 6000+
Earnings season is near complete, most have only experienced slight price weakness on earnings, nothing of significance
I finally got around to making a US election utoob video -
According to MSM and pundits such as Leechman Karmal Harris has won!
According to DeemGPT (Me) it's not even going to be close, Donald Pump will win by a landslide (electoral college).
Remember MSM tells you to sell stocks at bear market bottoms and buy stocks at bull market tops, the exact opposite of DeemGPT. Anyway not long to go.....
The AI tech stocks spreadsheet has been updated to reflect earnings reports, i.e. EGF's / direction of travel.
Spreadsheet link - https://docs.google.com/spreadsheets/PATRONSONLY
What stands out ?
Google is cheap as it climbs the stairway to heaven.
AMD overvaluation is moderating sp the dip into it's buying range down to $142 was timely to add to Numero Tres on my list.
META is still expensive but refuses to drop to allow one to add more.
ASML looks good for the long-run.
AMAZON - Trimmed a chunk at $199.9
KLAC offered an opp to add though it is not cheap!
Broadcom another stock that remains expensive, failing to offer much of an opp to add to.
Overall earnings were good for AI tech stocks, even Intel beat low expectations.
Nvidia $135 - reports earnings on 20th Nov, Metrics point to the stock firing on all cylinders so any election / earnings volatility should be capitalised upon though I doubt we are going to be lucky to be see any further dips in Nvidia after all it already gave us 2 opps following it's $141 high, 1st down to $90 and then down to $100 during September. So Nvidia looks set to resume it's bull run to first $200 and then $240.
Folk need to remember there is an exponential AI Mega-trend in progress which has in it's means to trump all expectations in at least Primary AI Tech stocks i.e. come 2027 S&P is in a bear market and many AI tech stocks are Not! It's going to get so confusing for most how can Nvidia be setting new highs when S&P is down 10% etc...
Also a new column has been to the spreadsheet P - Probability of New All time high in next Yr or so, as a measure of where stocks stand in terms of draw downs vs expectations.
MSTR - I commented at $238 that it looked like it wants to take a dump, currently trading a little lower at $229. I've got orders stacked from $222 down to $170 to reload approx 1/4 of what I sold in the run to $274, if the opportunity presents itself as bitcoin remains stuck in it's range pending a breakout higher to target $100k.
Your analyst leaving you with this final thought?
If stock A + B cost $1.10 and stock B costs $1 more than A then what is the price of stock A?
Leave your answers in the comments as we countdown to a yellow vested President Pump talking garbage as he throws chicken mcnuggets into the crowd.
Again for immediate first access to ALL of my analysis and trend forecasts then do consider becoming a Patron by supporting my work for just $7 per month, lock it in now at $7 before next rises to $10 per month for new sign-ups. https://www.patreon.com/Nadeem_Walayat.
Most Recent Analysis - Bitcoin Break Out, MSTR Rocket to the Moon! AI Tech Stocks Earnings Season
CONTENTS
Bitcoin Seasonal Trend
BItcoin Breaking Out
Bitcoin Big Picture
MSTR $272 �� ����️������������ ������
MSTR Dream For Some WIll be a Nightmare for Most!
AI Stocks Portfolio Earnings Season
30th - Microsoft $427 - EGF's +2%, +19%, Dir +1%, PE 36.2, PE Range 89% / 38%
30th - KLAC $674 - EGF's +15%, +30%, Dir +14%, PE 28, PE Range 170% / 104%
30th - GPN $101 EGF +11%, +12%, Dir +7%%, PE 9.1, PE Range -295% / -335%
31st - Arrow $134 EGF -25%, -5%, Dir +14%, PE 10, PE Range 92% / 104%
31st - AMAZON $188 - EGF's +12%, +25%, Dir -7%, PE 45 , PE Range -94% / -203%
31st - APPLE $233 - EGF's -11%, +8%, Dir 0%, PE 35 , PE Range +161% / +127%
BPMC has left the building.
The Coming AI IPO Bubble
ISRAELS NUCLEAR BLACKMAIL
The US Dollar is FINISHED MANTRA
Bonds SUCK!
The Housing Market 18 year / 18.6 Year Cycle
Recent analysis includes -
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Also access to my comprehensive 3 part How to Get Rich series -
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By Nadeem Walayat
Copyright © 2005-2024 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.
Nadeem Walayat has over 35 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis focuses on UK inflation, economy, interest rates and housing market. He is the author of five ebook's in the The Inflation Mega-Trend and Stocks Stealth Bull Market series that can be downloaded for Free.
Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication that presents in-depth analysis from over 1000 experienced analysts on a range of views of the probable direction of the financial markets, thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.
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