The Market Bull – November 26, 2018
The major averages begin the week with strong gains on little real news. Crypto currencies get hammered again, Bitcoin tests $3,500. Gold couldn’t hold its early gains.
The Chicago Fed National Activity Index advanced .10 points to .24 in October. The 3-month moving average increased fractionally to .31. This series covers about 85% of the total economy and shows more moderate economic growth.
The Texas Fed regional index fell 11.8 points in November to 17.6 on weakness in production, new orders and employment. Price data slipped considerably but remains high.
Bitcoin’s test of $3,500 over the weekend brings the crypto currency back to levels last seen in August of 2017. A long way down from its high of $20,078 seen December 17th, 2017. Along the way uncovering the harsh reality that crypto currencies are by and large a scam, impractical as a currency replacement, while the parade of scams, thefts and hacks that have plagued the crypto currency space and its exchanges since inception cast doubt on its true value. Something the markets and investors themselves are starting to catch up to. A significant amount of value has been destroyed since December. Data from CoinMarketCap shows that crypto’s remain very popular with a total of 2,071 digital coin offerings in circulation, a significant increase from the 1,400 seen at the beginning of the year
Standard and Poors 500 Index closed at: 2,673.45 up 40.89
NASDAQ finished the day: 7,081.85 up 142.87
Gold ended trading at: $1,222.60 up $.20
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