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Week in Review: 16-20 September 2024 - No Surprise?!?!

Financial Markets

For the week, the main stock market indices were up, with the S&P500 gaining 1.4% and the NASDAQ 100 up by 1.4%. The small cap index (Russel 2000) was 2.6% in the green.

Gold closed the week at a new all-time-high of 2622$/oz. Silver is now at the 31$ level and we are not sure it will hold the current levels or if it will return to the 28-30$ range.

The barrel of WTI recovered 2.9% and is at ~71$, around a support level.

Bitcoin followed the stock market direction, with a 7.5% pop! It still seems likely that bitcoin will trade in the range of 53-66k$ in the following weeks.

The relative strength of the US dollar (DXY) was nearly unchanged and around 101. The EUR/USD is at 1.109$, while the USD/JPY is down to 140.8 JPY.

US M2 money supply has not been updated this week.

The national financial conditions index (NFCI) for the week of 9th September 2024 loosened by 2.6% and doesn't translate particular signs of financial stress in the markets (this data is delayed).

US bond yields now sit at 3.597% for the 2-year and 3.741% for the 10-year.

Despite the FED rate cut announcement, the VIX didn't spike and ended the week lower, at ~16, showing no market fear.


Comment Section

The FED announced the 50 bps rate cut that we were expecting, and apparently the market was not surprised. Everything is very stable for now.

We still believe that the markets will turn bearish, but we cannot guess the exact catalyst for the sentiment change. Maybe recession? Maybe the US election? Until then, we remain mostly long.

Take care, and good luck.


Federal Reserve Chairman Jerome Powell speaks during a news conference following the September meeting of the Federal Open Market Committee at the...
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