EB Daily Market Report - Friday, December 6, 2024

Dear Members.

A strong jobs report this morning has traders mostly in a good mood with both the S&P and NASDAQ both hitting fresh all time highs with the Dow down only slightly as we get ready to close out another week.

The strength in the NASDAQ is coming from the biggest of the biggest with AAPL, AMZN and META all hitting all time highs. 

Treasury yields continue to soften with traders confident the Fed will be lowering rates when they meet later this month. And the VIX continues to show the bulls are relaxed; maybe a bit too confident but not too worried at the moment.

Tech stocks are really the story at the moment with the NASAQ now just one solid day away from 20,000, a level that most had not really thought about when it was 15,000+ back in August. Now, four months later, the NASDAQ has risen 27% from that August low. Impressive!

Tom has pointed out that history shows the market could be vulnerable next week, specifically from December 9 until December 15, but in no way affects his longer term bullish outlook. Just a heads up for those who are more focused on short term trading.

Tough to be anything but overall bullish at the moment. If the S&P can clear 6100, we could see more gains. To the downside the first key technical support is at the 20 day moving average, currently at 5989. If for some reason we see any selling it's quite likely traders will be waiting to buy on any dips.

Enjoy your weekend and Tom will be back with his Weekly Report on Monday.

At your service,

John Hopkins