ANDIKA BULLETin 29 OCT 2024

It's a big macro data week - JOLTS, GDP, PCE, NFP + 41% of the SP500 report their 4thQ earnings so the US mkt overnight had a great session.

Bear in mind that today marks the first day of the estimated open window period for corporate buybacks with ~50% in open window today. So mkt is front running the buyback window.

And it wasn't just US stocks that had a good run overnight, Bitcoin managed to get to USD$69,902 making it around USD$3,700 away from its all time record high.

in AUD terms Bitcoin is $105,506

However, Crude prices were clubbed like a baby seal overnight as the Iran-Israel theatrics seemed to calm traders minds and erase geopolitical risk premium.

Oil around USD$67.96 per barrel.

For one of the most crowded trades in the mkt, Gold had a quiet one overnight, essentially unchanged at USD$2,754

Finally, Goldmans says the best trading period of Q4 for US equities with data going back to 1928". Some more details:

1. The median S&P 500 return from October 27th to December 31st is +5.22% since 1928

2. The median S&P 500 return from October 27th to December 31st in election years is +6.25% since 1928

3. The median NDX return from October 27th to December 31st is +11.74% since 1985

4. The median NDX return from October 27th to December 31st in election years is +7.17% since 1985

Happy Tuesday!

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