“Rocket” Market – How Long?

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News Buzz

• Stock rotation is back on bets the FED will “Go Big.”

• Oil is on track for weekly gains after the global benchmark’s dip below $70 a barrel.

• Stocks are rising as the market warms once again to the likelihood of a half-point rate cut by the Fed after virtually writing off the chances of a big pivot in light of recent inflation and jobs data. Traders are now pricing in a 49% chance of a 50 basis point move next week, compared with 15% at one point on Thursday.

• Since mid-July, his company, Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B), has been dumping one of its largest holdings, Bank of America (NYSE: BAC), off-loading more than $7 billion worth of shares in just under two months.

• It's clear that one stock Buffett and his company believe in is their own. As of the last quarterly report, he repurchased $345 million worth of Berkshire shares, bringing 2024's total purchases to nearly $3 billion. Since 2018, the company has bought back nearly $80 billion of its own shares.

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Magnificent 7 – GOOG, Then

• In mid-July, cycles caught the peak in GOOG.

Magnificent 7 – GOOG Now

• While daily chart cycles suggest a bounce into late October or early November, the cycles detected on the weekly chart suggest down into late 2026.

• Remember that we identified multiple indexes and important stocks suggesting a major cycle trough in 2026.

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Follow BraVoCycles on X

• Consider following me on X (former Twitter) in addition to the newsletter, as I often post valuable information there in real time between the newsletters. On Friday, I posted a cycle composite chart from the premium content.

Market Summary

As of close on 13 September, 2024

What Has Been

• After a couple of days of tentative sideways trading, the investors and traders did some selling after the job report on Friday. Even mixed news is bad news for stocks.

• The market is quickly going from fear to greed and vice versa.

• Asia mixed, Europe and US red.

• Dow declined 410.34 points or -1.01% to 40,345.41. 

• S&P 500 declined 94.99 points or -1.73% to 5,408.42. 

• Nasdaq declined 436.83 points or -2.55% to 16,690.83. 

• Russell 2000 declined 40.65 points or -1.91% to 2,091.41.

• The yield curve un-inverted after a long period of inversion – usually precedes a recession.

. . .

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