The Economic Modern Family Talks Turkey

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While this is the last Daily of this week, I want to start with a quick rundown of the Economic Modern Family. 

As Friday is a ½ day and Black Friday, we can only guess that based on a strong yet discerning consumer, Granny Retail XRT should hold the gap up it started this past week with. If that is the case, we anticipate a move higher for the coming week. 

Granddad Russell 2000 IWM, looks solid over 240. While we have a possible double top over 244, momentum is on the index’s side. 

Brother Biotechnology IBB did what we suspected it would do. After an overreaction, IBB recaptured both weekly moving averages. 

Sister Semiconductors SMH might be at risk of breaking the 50-week moving average for the first time since October 2022. That would be huge. However, it has not happened yet. 

Tran sib Transportation IYT made a new all-time high and now sits with some gentle profit taking on support around 73.75. 

Prodigal Son Regional Banks KRE found resistance at 70. However, with the breakout over 65, or the scene of the March 2023 crime, we look for that to hold. Not my favorite sector. 

Looking at Bitcoin… 

The weekly chart of Bitcoin shows this past week as an inside week to the one prior. That means that the trading range was inside the trading range of the week before.
We assume this is bullish. However, we have a guide to follow.  

A move above or below the range of the prior week, 89,392 low and 99,800 high, is most likely an opportunity to follow the range break up or down. We still see 130-150k possible in early 2025.  

I am so appreciative that I got the opportunity to close out the week ahead of the holiday on Fox Business with the venerable Charles Payne. 

We covered Small Caps, Retail, Vanity Trade and Rivian. 

Please click the link to watch our conversation. 

Happy Thanksgiving to you and yours.  

We are so grateful for your support and readership! 

 

Educational purposes only, not official trading advice. 

For more detailed trading information about our blended models, tools, and trader education courses, to learn more.

 

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Mish in the Media-Want to see more? All clips here 

Making Money With Charles Payne Mish talks Small Caps and the Vanity trade heading into 2025 11-27-24 

Podcast with Geoff and Mish They discuss an exponential moving average and give you price levels for her "vanity" trades 11-25-24 

Business First AM Intel and the Chip Act could take the stock higher 11-24-24  

Financial Sense Mish on Broadening Rally, Retail Breaking Out 11-22-24

Malaysia Radio BFR 89,9 FM US December rate cut by the Fed amid frothy valuations in the US stock market? 11-22-24

Business First AM What’s in Your Stocking Stuffer? 11-22-24

Yahoo Finance Mish covers the almighty consumer and tech 11-21-24

 

Coming Up: 

December 5-7, 2024 Money Show Master Class 

December 10 BNN Bloomberg 

Dec 18 CNA Asia 

Weekly: Business First AM 

 

ETF Summary 

(Pivotal means short-term bullish above that level and bearish below) 

S&P 500 (SPY) 600 pivotal 

Russell 2000 (IWM) 240 support to hold 

Dow (DIA) 445 pivotal  

Nasdaq (QQQ) 500 now pivotal 

Regional banks (KRE) 65 support 70 resistance 

Semiconductors (SMH) 235 the 200-DMA to hold 250 resistance 

Transportation (IYT) Some profit taking but still healthy  

Biotechnology (IBB) 138 support 

Retail (XRT) 80 support  

iShares iBoxx Hi Yd Cor Bond ETF (HYG) 79.50 pivotal