Daily Analysis: Stocks Levitate with All Eyes on Bitcoin
Monday Market Recap
|Asset||Current Value||Daily Change|
|WTI Crude Oil||57.75||-0.62%|
The major US indices traded just shy of their all-time highs today, as volatility remained near its historical lows on Cyber Monday. As Europe and Asia traded lower, with China leading the way south, the US session brought a wave of buying, which was only interrupted by a slight midday sell-off. The daily range on Wall Street resembled the Christmas period as bears are seemingly extinct and the Nasdaq-giants continue to drive the indices higher.
NASDAQ 100 at All-Time Highs, 4-Hour Chart Analysis
Black Friday sales estimates pushed the shares of Amazon to a new record high, as Jeff Bezos’s wealth recently hit $100 billion, while Google parent Alphabet and Facebook are also trading in uncharted territory regarding valuation, even as a large number of smaller stocks are still left out of the party.
With the global equity bull still roaring, the less euphoric bond market continues to show divergences, as high yield issues and long-dated Treasuries don’t agree with the optimism of that stock trends suggest at this point. Gold and the Japanese Yen are also showing strength, with the reports on the next possible North Korean missile test also fueling safe haven assets today. So as on the surface everything is stable, the central bank fueled asset price boom might be close to a tipping point,
Gold Futures, 4-Hour Analysis
Bitcoin took another step towards mainstream recognition today and in recent days, as media attention focused on the most valuable cryptocurrency amid its historic speculative surge towards the magical $10,000 mark. BTC hit a high of $9700, while most of the main altcoins are also at or near all-time highs, with Ethereum consolidating just below $500, another historic price level for the segment. While BTC is severely overbought, picking a top in such a rally is impossible, but when the inevitable correction comes, volatility will likely skyrocket.
ETH/USD, 4-Hour Chart Analysis
Ripple is the weakest among the most valuable coins, trading well below its record high, while Litecoin is edging towards the $100 level. Dash, Monero, IOTA, and Ethereum Classic are near their respective all-time high, while NEO is still trading in its own rhythm, ever since the China crash in September, currently near the $40 level. With the forked Bitcoin Gold and Bitcoin Cash also holding strong, the total value of the market reached $305 billion, as more and more investors get lured into the coins by the stellar gains.
IOTA/USD, 4-Hour Chart Analysis
Key Economic Releases on Monday
|17:00||US||New Home Sales||685,000||627,000||645,000|
Key Economic Releases on Tuesday
|9:00||UK||Bank Stress Test Results||–||–|
|15:30||US||Fed Chair Elect Powell Speaks||–||–|
|17:30||US||CB Consumer Confidence||123.9||125.9|
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