Rally Out of Nowhere -- Nick Santiago 11-20-23 #542

Daily Market Wisdom with Nick Santiago

1. The major indexes have staged a a big rally since October 27th. Now it looks like the markets need to take a breather.
Today, the major indexes are slightly higher to start the day. The NASDAQ is leading the charge trading up by 0.50%.
2. Microsoft has now hired the former C3 AI CEO Sam Altman to lead it AI division. The stock is trading higher this morning on the news. MSFT stock is trading at all time highs right now.
3. The decline in bond yields have been the tailwind with the stock market. Today yields on the 10 year note are up 0,028 basis points to 4.47%. The 2-year note yield has also retreated below the important 5.0% level trading at 4.90%.
4. Gold has been holding up very well, especially as the US Dollar Index has sold off. Today, gold is trading lower by 0.58% to 1974 an ounce. This is a chart that needs to be watched closely everyday. I think it is still holding up well at the moment.
5. Bitcoin futures are trading higher by 2.0% to 37,500. Again, the crypto world is holding up well as everyone awaits the spot bitcoin ETFs to get approval. Until the announcement it can still continue to trade higher.
Visit Nick at: https://InTheMoneyStocks.com