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Today we will be covering...
News Buzz
Stocks ended an otherwise rough week with broad-based gains across all the major indexes, thanks to strong earnings reports and an inflation update that appeared to cement investors' convictions that an interest rate cut is nigh.
The DJI had a particularly good day, as industrial conglomerate MMM rocketed higher after delivering expectations-beating quarterly numbers.
Never mind the post-PCE rally – it is not yet time to buy the Big Tech dip, strategists say.
"We expect that a solid print in Q2's real GDP on Thursday and a subdued June PCED inflation reading on Friday will keep the rally going," Ed Yardeni said in the note.
Feds accuse famed short-seller Andrew Left of fraud and market manipulation.
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Semiconductors - SOX
I warned about SOX’s overvaluation and vulnerability several times. It is an important segment of NDX.
SOX dropped impulsively in 5 waves into the 80D cycle target (red box), about 17% decline 2 weeks.
It is now expected to bounce in 3 corrective waves before another, longer 5-wave decline.
The next decline will likely target the 4,300 level +/-.
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Investment Managers’ Sentiment
Investment managers pulled in their horns from leveraged long positions.
But I would not expect a low of significance until the NAAIM Exposure Index drops to about 25% +/-.
Consider following me on X (former Twitter) for your benefit. My posts in the newsletter and on X go like “hand in glove.” Below is an important post on X from Friday that reveals a dominant cycle in Bitcoin. We have an extensive Bitcoin analysis in the premium content today.
Can #Bitcoin keep pushing up against a strongly dominant 3.5Y cycle?
$Bitcoin #BTC $BTC #BTCUSD $BTCUSD #crypto#cryptocurrencies— BraVoCycles Newsletter (@BraVoCycles)
5:58 PM • Jul 26, 2024
Market Summary
Market Data
As of close on 26 July 2024.
What Has Been
US stocks rose Friday morning, regaining momentum after three days of losses.
The bounce back follows June's personal consumption expenditures index, which mostly aligned with expectations and showed a moderate rise in consumer prices. Headline PCE rose 0.2% from May and 2.6% year-to-year.
The print helped bolster market convictions that the Federal Reserve can cut interest rates in September.
Dow advanced 654.27 points or 1.64% to 40,589.34.
S&P 500 advanced 59.88 points or 1.11% to 5,459.1.
Nasdaq advanced 176.16 points or 1.03% to 17,357.88.
Russell 2000 advanced 36.89 points or 1.66% to 2,259.87.
Asian markets were mixed, and European markets had a green day.
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