November Settles
Bitcoin new highs
Before we take a look at the November settles, let’s just touch on Bitcoin here, which saw a brief hit as China raided an exchange there involved in some scheme and took over all their crypto currency, this saw Bitcoin fall down toward $16k but has since rebounded to make new highs:
As far as November here is how things settled up:
Value had a big month as the Russell2k Index gained some +18.4% but it wasn’t the big winner on the month, as RBOB gained +21.2% with Crude +17.5% and the DAX with a hefty +15.3% gain. As expected with this type of equity jump the Vix was pounded dropping some 37.5%.
With the election and Covid uncertainty still running about, we can’t help but think we are going to see some pullbacks here as we may be supported here by some late year end window dressers. We aren’t certain how the market will handle a Trump victory in the courts here in this election, but we are certain if that is indeed the case, well expect the big blue cities to be in shambles. In fact Chicago is still basically boarded up. At a time where people would normally be heading down to the mag mile to do some window shopping, this year, well that traffic flow will be scant at best.
Blame Covid, blame Trump, it doesn’t matter the reality is the same, our economic environment has changed and we must all adapt to this uncertainty. We will share some equity charts tomorrow but basically the scheme is the same, all the indexes are trading out of their base formations except for the Nasdaq which has traded in an uptrend band for quite sometime.
Alright that should do it, bring on December, this may just be one for the record books, stay with us to stay ahead of the game!
As always, please share our work and subscribe if you haven’t already, your continued support allows us to bring you relevant and important market analysis and content. We are underpriced with the free tier, way underpriced with a 2 latte a month style and about just right for the Founders which has access to our Global Futures Benchmark Program positions tracker daily. We hope you enjoy our work and we hope you continue to support us.
-Magnelibra Econemotions
DISCLAIMER: For educational purposes only. This is not a solicitation to buy or sell commodity futures or options on neither commodity futures. The risk of trading securities, futures and options can be substantial and is not for everyone. Such investments may not be appropriate for the recipient. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. Nothing contained in this message may be construed as an express or an implied promise, guarantee or implication by, of, or from the author Michael Agne owner of Magnelibra Capital Advisors. All rights are reserved. We will never claim that you will profit or that losses can or will be limited in any manner whatsoever. Past performance is not necessarily indicative of future results. Although care has been taken to assure the accuracy, completeness and reliability of the information contained herein, we make no warranty, express or implied, or assume any legal liability or responsibility for the accuracy, completeness, reliability or usefulness of any information, product, service or process disclosed.