Earnings Beats Daily Market Report - Friday, November 8, 2024

Dear Members:

It seems like the market makes new highs every day, today included, with the Dow hitting 44,000 for the first time and the S&P right near 6000.

The bears will argue that the market has gotten ahead of itself; perhaps it has. But at the moment there's no question that the bulls are in charge.

Interestingly, even the most aggressive predictions earlier in the year were for the S&P to get to 6000. Well, we're there. So how much more fuel might be in the tank?

The VIX has certainly settled down, moving from a high of over 23 last week to under 15 today. And bond yields which have climbed steadily recently have cooled a bit today.

Bottom line? The bulls are looking for further gains, even with all of the major indexes nearing overbought territory. Clearing 6000 on the S&P would bolster the case for higher prices. We could find out later today.

Wishing everyone a restful weekend.

At your service,

John Hopkins