Dow Posts Best Week Of Year; NASDAQ Falls

Confused?

In what was the best performance week of the year for the Dow (a nearly three percent gain), the NASDAQ lost more than one half percent.

The math is fairly simple. Outside of Apple (AAPL), which is a component of Dow 30 stock, the FAANGs (Facebook, Apple, Amazon, Netflix and Google) all got beaten down.

Facebook (FB) lost 1.78%.
Netflix (NFLX) was down 0.41%.
Amazon (AMZN) fell 1.44%, and Google (GOOG) dropped 1.10%. Additionally, another of the high-fliers, Tesla (TSLA) shed 0.75%.

Those stocks make up a mammoth portion of the total volume on the NASDAQ, thus nullifying any gains by all other stocks on the index.

Fear not, however, holders of high P/E paper, because since the Senate tax legislation was cleared Saturday morning by a narrow margin, all is well in the land of the free. Monday morning futures are pointing to a moon shot open.

For the Week Ending December 1, 2017:
Dow: +673.60 (+2.86%)
NASDAQ: -41.57 (-0.60%)
S&P 500: +39.80 (+1.53%)
NYSE Composite: +192.63 (+1.55%)

Dow Gains, NASDAQ Falls, Bitcoin Up, then Down, Precious Metals Hammered

Dow stocks led the way on the second last day of November, as tech stocks (especially the FAANGS) were beaten down on the NASDAQ, suffering a loss of more than one percent - a rare occurrence these days.

Bitcoin ramped up over $11,000, before crashing. Silver and gold were flogged, as has been the case for too long as central banks struggle for survival in an increasingly fractured global environment.

Governments are still hanging onto their taxing powers, but it's becoming increasingly apparent in the West that promises made to workers - especially public employees - via pensions, are going to be revised.

The final day of the month signals new all-time highs as window dressing will be in effect. Republicans in congress hope to hold a vote on tax reform either Thursday or Friday. The margin of error for passing a bill is very slim as Republicans hold a small majority and all Democrats are expected to vote against any tax bill.

At the Close, Wednesday, November 29, 2017:
Dow: 23,940.68, +103.97 (+0.44%)
NASDAQ: 6,824.39, -87.97 (-1.27%)
S&P 500: 2,626.07, -0.97 (-0.04%)
NYSE Composite: 12,561.32, +41.09 (+0.33%)

All-Time Highs Becoming the Norm on Wall Street

Even though a potential government shutdown and another rate hike by the Fed are just weeks away, stock investors don't seem to care.

All the major indices rocketed out of the gate to impressive gains on Tuesday, eviscerating previous records.

As Wednesday morning approaches the opening bell, news that third quarter GDP was revised higher in the second estimate, to 3.3%, has futures kicking higher.

While Bitcoin surpassed $10,000 per coin on Tuesday night, the Dow might one-up the cryptocurrency by hurtling past 24,000 on Wednesday. The Dow Industrials passed the 22,000 mark on September 11, and cruised above 23,000 on October 18, so, ripping through 24,000 in just over a month wouldn't be much of a surprise.

At the Close, Tuesday, November 28, 2017:
Dow: 23,836.71, +255.93 (+1.09%)
NASDAQ: 6,912.36, +33.84 (+0.49%)
S&P 500: 2,627.04, +25.62 (+0.98%)
NYSE Composite: 12,520.23, +129.45 (+1.04%)

Fittingly, Bitcoin Nears $10,000 on Cyber Monday

Catching a ten-bagger is a noteworthy event in any trader's history, but believers in Bitcoin - the original and most prominent cryptocurrency on the planet - are enjoying their days in the sun as the currency heads for $10,000, currently trading for more than $9900 per digital coin.

Bitcoin ended 2016 at a mere $970.17, but it's gone completely bonkers in 2017 as more and more people adopt the digital currency as a hedge against the faults of fiat currencies of central bankers that are based on nothing but faith.

While bitcoin is similarly faith-based, it has properties that traditional currencies do not. It is anonymous, and also not subject to excessive printing of fresh fiat out of thin air. The number of bitcoins mined is capped at 21 million. There are only four million left to be mined. After that, there can be no more Bitcoins ever created, so the currency has an inflation governor that is rivaled only by gold, silver and other precious metals.

This advantage is not lost on holders and speculators in Bitcoin. As acceptance and adoption grows, the number of bitcoin holders naturally ratchets up the price. As of this writing, Bitcoin's market cap is higher than many major corporations, making the digital currency something that keeps central bankers on their toes.

Widespread acceptance of Bitcoin threatens the central bank stranglehold on global forex, currencies and commerce. While this speculative phase is phenomenal for early adopters (some who bought into the Bitcoin mania before it was even priced in triple digits), the long-term implications are other-worldly. If Bitcoin - or some other form of cryptocurrency continues to be established globally - it could conceivably rival currencies such as the US dollar, the euro, Japanese yen or China's yuan.

Just as gold and silver have been recognized as money, currency and stores of value for thousands of years, so too, Bitcoin has emerged as a potentially viable alternative for the 21st century.

At the Close, Monday, November 27, 2017:
Dow: 23,580.78, +22.79 (+0.10%)
NASDAQ: 6,878.52, -10.64 (-0.15%)
S&P 500: 2,601.42, -1.00 (-0.04%)
NYSE Composite: 12,390.78, -31.15 (-0.25%)

Black Friday Delivers; Wall Street Reaction Upcoming

Apparently, Black Friday 2017 was a mammoth hit, resulting in reported record consumer spending and a record day for firearms background checks.

According to Reuters:

U.S. retailers raked in a record $7.9 billion in online sales on Black Friday and Thanksgiving, up 17.9 percent from a year ago, according to Adobe Analytics, which measures transactions at the largest 100 U.S. web retailers, on Saturday.

Wall Street, which closed early on Friday, didn't have the news in hand, it being too early for reaction, but closed modestly higher in the shortened session.

Monday is shaping up as a volatile day, with plenty of crosswinds from the political front and economic data from China and Europe whipsawing futures prior to the opening bell in New York.

For the week as a whole, stocks put in a stellar performance. The NASDAQ and S&P 500 each closed at record highs on Friday.

At the Close, Friday, November 24, 2017:
Dow: 23,557.99, +31.81 (+0.14%)
NASDAQ: 6,889.16, +21.7988 (+0.3174%)
S&P 500: 2,602.42, +5.34 (+0.21%)
NYSE Composite: 12,421.93, +31.10 (+0.25%)

For the Week:
Dow: +199.75 (+0.86%)
NASDAQ: +106.37 (+1.57%)
S&P 500: +23.57 (+0.91%)
NYSE Composite: +119.04 (+0.97%)