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News Buzz

• Dell’s stock gets a boost as earnings show huge growth in AI servers.

• Marvell’s stock rises as earnings report brings an improved growth forecast.

• Rate cuts won’t fix the $35 trillion U.S. debt problem.

• Dow scores 25^th record close of the year, while S&P 500 and Nasdaq slip.

• Nvidia's 6% fall hurt other semiconductor stocks and crashed the market's early party. Rotation into sectors, including industrial and financial sectors, sent the DJIA to a new record.

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Ethereum vs Bitcoin

• Based on the ETH-BTC pair cycle composite, ETH may outperform BTC in the next few months, regardless of their general direction to USD.

• How to play this? Long ETH, short BTC?

Which Do You Prefer?

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Market Summary

As of 5 pm EST on 29 August 2024.

What Has Been

• A mini turbulence yesterday. After solid NVDA earnings on Wednesday in the AH session, SPX and NDX sold off only to rally strongly overnight and on Thursday until mid-day, then sold off into the close. Looks like a typical bull-bear battle.

• The SPX fell 0.22 points (0.00%) to 5,591.96; the $DJI rose 243.63 points (0.59%) to 41,335.05; the Nasdaq Composite^® ($COMP) dropped 39.59 points (–0.23%) to 17,516.43.

What’s Next

• As I do not have much new information, I will maintain the same view as on Thursday.

• Some indexes will likely see new highs, e.g. DJI and SPX, while others may or may not.

• Based on the most likely EW counts, RUT is the least likely to make a new high, although the market breadth may be in favor of broad indexes.

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