October 24, 2024
Mish's Daily
By Mish Schneider
When I am asked to do an interview on the media, the producer(s) ask for my notes on market conditions.
As I will appear at 9 PM ET on CNBC Asia First in Singapore, here are the comments I sent them earlier today.
As the SPY corrects a bit from the recent run up to all-time highs, we still have keen eyes on other sectors.
Looking at four areas of the Economic Modern Family:
Retail XRT, Small Caps IWM, Regional Banks KRE, Biotechnology IBB, are all up big since last October and are paused for a breakout over recent highs if
Thus far, the narrative remains more soft landing than anything else, while gold remains the mirror reflecting potential cracks
Hence, for equities we are recommending more patience especially ahead of the election.
The market is choppy and volatile
And we still see commonalities among the 2 Presidential candidates
Elsewhere,
Good news on Tesla yet a run to resistance unless clears 260
Gold taking a pause but remains resilient
Silver big breakout over 32.50 now support
Palladium just had a huge run
Oil holding $70
Natural Gas looking better-watch the chart of LNG
Inflation is not going down, but not rising as of yet-it could but until it does, we believe that outside of current positions in gold and silver, commodity investing is also a bit premature
We have eyes on China.
After a huge run, many names like Alibaba, are on pause awaiting softer US dollar and election results.
Tariffs are a concern; hence BRICS has moved forward but not yet impacting US markets.
While our models remain long the indices, we are advising our clients to sit back and wait.
Our current positions have protective stops in place while we wait in case the market has a more serious correction
Plus, I am advising clients to watch the ETFs (XRT IWM IBB KRE) rather than individual names for the next investments once the trading ranges are reconciled.
There will be no weekend Daily. Look for the weekly Outlook published on Sunday.
Educational purposes only, not official trading advice.
For more detailed trading information about our blended models, tools, and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.
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Mish in the Media-Want to see more? All clips here
Business First AM The new thin economy 10-23-24
Geoff and Mish Podcast Geoff and Mish Walk you through how phase changes create great trading opportunities in any market condition 10-22-24
ProInvestor Insights The Economic Modern Family is Teaching Investors Patience IS a Virtue! 10-21-24
Business First AM Mish goes shopping and tells you how to pick a bottoming stock 10-21-24
Maggie Lake Is the Trump Trade Gathering Steam? 10-18-24
NYSE TV Mish covers the massive consolidation, gold and the need for more patience in stocks 10-18-24
Business First AM Mish takes you through the continued volatility in spite of a strong week in the market 10-18-24
Yahoo Finance Opening Bell Mish and Yahoo team discuss the small caps versus tech and they interest rates as the missing link 10-17-24
Coming Up:
October 28 Podcast with Geoff Bysshe
October 24 CNBC Asia First
October 28 Benzinga Pre Market
October 29-November 4 Vacation
November 6 BFM Radio Singapore
November 7 CNA Asia First
November 18 Yahoo Finance
November 21 BFM Radio Malaysia
December 5-7, 2024 Money Show Master Class
Weekly: Business First AM, stockpick.app
ETF Summary
(Pivotal means short-term bullish above that level and bearish below)
S&P 500 (SPY) 575 support 585 resistance
Russell 2000 (IWM) 215 support 227 resistance
Dow (DIA) 420 support
Nasdaq (QQQ) 485 pivotal support 500 resistance
Regional banks (KRE) 60 pivotal
Semiconductors (SMH) 242 support 265 resistance
Transportation (IYT) 69.50 support
Biotechnology (IBB) 140 support and like better over 142
Retail (XRT) 74-75 support to hold
iShares iBoxx Hi Yd Cor Bond ETF (HYG) 79.50 nearest key support
Every day you'll be prepared to trade with: