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- Here's the Deal with Markets - December 2, 2024
Here's the Deal with Markets - December 2, 2024
Weekly Market Report
Nick Tomas
December 02, 2024 • Estimated Reading Time: 4 minutes
Economy: In Slowdown
Market Cycle: Bullish
Week 48 of 52 for 2024: 92.3% of the way through 2024
This Week in Markets
Even though I’m damn good at tracking the economy and trading markets, I still make mistakes. Especially when in the early stages of a new endeavor. It happens, but is also how growth is facilitated.
I made one in last weeks newsletter. Did you catch it? I didn’t until I re-read the post in preparation for this one.
Bitcoin did not hit $100K, stopping just below it at $99,860. I wrote it earlier in the week as it was getting close, then what I think happened is I cut it to put it into whichever weeks newsletter it does hit. Only, I’m pretty sure I simply cut it and then pasted it right back where it was. Oops. Lol.
My bad.
It will get there and will get there soon.
How do I know this?
Because we are in the middle of a bull market. And much like all other bull market, this one is doing bull market things. Such as, indices continuing to move higher while strength continues to broaden out as more and more stocks hit new 52-week highs.
Fact is, all four major indices ended November at their highest monthly closes ever. While IWM hit a new all-time high on Monday, to boot.
Sorry. I have no doomer porn to sell you needless anxiety. Just straight facts here, homie.
This is simply a bull market doing bull market things. Anyone that has been telling you otherwise is either a newb masquerading as a pro, or a lying fraud.
The Week Ahead
Economic Data to watch:
Date and Time | Expected | Previous | |
|---|---|---|---|
JOLTs (Job Openings) (Oct) | Tues, Dec 3rd @ 10:00a EST | 7.490M | 7.443M |
ADP Nonfarm Employment Change | Wed, Dec 4th @ 8:15a EST | 166K | 233K |
Initial Jobless Claims | Thur, Dec 5th @ 8:30a EST | 215K | 213K |
Average Hourly Earnings (YoY) (Nov) | Fri, Dec 6th @ 8:30a EST | 0.3% (MoM) (YoY) Not available. | 0.4% (MoM) 4.0% |
Nonfarm Payrolls | Fri, Dec 6th @ 8:30a EST | 202K | 12K |
Unemployment Rate | Fri, Dec 6th @ 8:30a EST | 4.2% | 4.1% |
Earnings to watch:
WTF of the Week
Quote of the Week
“To succeed in this world, you have to change all the time.”
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