Day Traders Diary

11/11/24

The major averages closed in the green on this Veteran's Day, continuing their rally from last week following the Presidential election. The 30 Dow Jones rose 304 points or 0.69% at another new all-time high led by the banks. The S&P 500 rose just 5 points while the Nasdaq Composite rose just 11 points.

As mentioned, Dow components JPMorgan Chase and Goldman Sachs rose over a percent following a great week last week. All the big banks and financials were higher on future hopes of deregulation.

Bitcoin continued its surge above $85,000, boosted by hopes of deregulation as well. Crypto related stocks like Coinbase and Mara Holdings were up 19% and 29% respectively.  Tesla continued its tear up 8% today and up 35% in the last week.

Tech was quiet with most big cap tech in the red. Apple was modestly lower on concerns of slowing short term iphone demand.

The U.S. Treasury market was closed Monday for the Veterans Day holiday following sharp postelection moves last week. The benchmark 10-year Treasury note yield broke above 4.4% last week before closing at 4.306%. The 2-year note yield edged above 4.3% before closing at 4.25%.

Gold and Oil continued their slide following the election.