Stock Market Recap | November 7th, 2023
An abrupt reversal in stocks, with sudden buying interest after weeks of overtly pessimistic selling.
The catalysts for the turn-around began with the Fed NOT raising rates and signaling that maybe no more rate increases are necessary. They cited economic contraction and rising unemployment as signs the rate increases to date were beginning to have the desired effect on combating inflation. Treasury yields declined in response, giving investors more reason to take a look at stocks again. It’s also possible some computer-driven trading programs sensed stocks prices were so low as to finally be at technical buy levels.
Interesting that buying interest remained intact all five days of the week, unlike previous weeks where some sporadic daily buying was ultimately negated by selling days.
Our gains in short positions generally diminished, while longs – particularly in Level 1 – recovered to shrink losses. Seeing many short – to – long reversal signals this week, though not all stocks just yet.
This may be the start of a typical end-of-year rally. While it may also be just another in a series of rally attempts that quickly fade, the breadth of the stocks participating in price gains suggests this rally has the support of many institutional investors, a positive sign.
-
5:21
ThinkStory
1 day agoDARK MATTER Episode 4 Breakdown, Theories & Details You Missed!
4.06K4 -
12:22
The Spoken Garden Channel
11 hours agoWhat's Blooming & Growing In May | Mini Spring Garden Tour
9.46K6 -
11:22
PARAGRAPHIC
21 hours ago $0.05 earnedBringing Back The World's Oldest Fermented Beverage | PARAGRAPHIC
12.1K5 -
17:08
DEADBUGsays
20 hours agoBoys On The Tracks | Tales From The Abyss #6
14.6K9 -
1:12:53
World Nomac
13 hours agoWhat Can $100 Get in Phi Phi Islands, Thailand? 🇹ðŸ‡
15.1K1 -
2:07:02
Miss Understood With Rachel Uchitel
23 days agoFormer Illinois Gov. Rod Blagojevich Says He’s Still Not Guilty: Exclusive!
9.09K3 -
57:59
Graham Allen
22 hours ago🚨DOCS REVEALED🚨 Biden Admin Wants Trump DEAD OR ALIVE?!
112K296 -
3:24:19
Fresh and Fit
9 hours agoIs The Passport Bro Movement Bad For Western Women? HEATED Debate And 4 Girls Kicked Off!
127K273 -
1:19:07
Snuffing Torches
13 hours agoSurvivor 46 Finale Recap | Snuffing Torches
30.2K2 -
3:51:10
Alex Zedra
9 hours agoLIVE! Bringing Gaming to Rumble!
44.5K18