November 5th 2023 |
Key Takeaways
- Gains can be still categorized as bear market rally rather than a sustainable recovery
- Tactically, the bounce could have legs as long as the short-term indicators remain supportive
- Strategically, the current risk-/reward ratio still looks too low for a strategic bargain hunt
Market Review |
U.S. stocks strongly bounced for the week and posted solid gains. Closing at 34,061.32, the Dow Jones Industrial Average finished up 5.1% for the week. The S&P 500 finished at 4,358.34 and jumped 5.9 this week. The Nasdaq rocketed 6.6% for the week and closed at 13,478.28. It was the best week for all three indexes since November 2022. All key S&P sectors succeeded to close in positive territory for the week, led by the real estate sector. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, dropped to 14.9.
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