Stock Market Update Tuesday June 11, 2024 Despite a slightly negative midday performance in the broader indices, a more nuanced narrative unfolded in the market. Numerous tech stocks faced moderate selling pressure, yet this was overshadowed by the outperformance of Apple. A surge of over 7% in Apple's share price propelled the tech-heavy Nasdaq to a robust 70 basis point gain, offsetting the broader market's subdued performance. Meanwhile, the S&P 500 index experienced a modest uptick of a quarter of a percent.
Away From Stocks: Treasury yields experienced a decline of five to eight basis points across the curve, punctuated by the successful auction of 10-year notes. WTI crude oil prices remained steady near $78 per barrel, gold appreciated to $2,316 per ounce, and Bitcoin retreated to $67,300. The VIX, a measure of market volatility, remained below its historical average of 13.
Today, Apple stock ($AAPL) broke out to new all-time highs. Several of our premium members have been long since May 13, 2024, and are asking if they should take some profit. We can never give advice on what you should do, but we are taking some profits off the table and will put a stop below the small green dots.
We never short growth stocks or stocks with a lot of volatility. If we were short, we would have covered our short position and gone long. Instead, our strategy is to wait for the large green dot to enter a long position. Today, we got a large dot that gave us a buy alert, and we entered a long position.
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Tomorrow, June 12, presents a rare confluence of significant economic events. At 8:30 AM ET, the release of the May Core CPI report will provide crucial insights into inflationary pressures. Subsequently, at 2:00 PM ET, the Federal Open Market Committee (FOMC) will announce its latest monetary policy decision, followed by a press conference with Fed Chairman Powell.
Market participants eagerly anticipate the inflation data, with our analysis suggesting it will align with or even surpass expectations. Attention will then shift to the FOMC's decision, with market sentiment leaning bullish as long as the central bank refrains from raising interest rates.
Historically, election years often exhibit a tendency for rallies in early June. Our analysis suggests that, following recent volatility in late May, June is likely to see a resumption of upward momentum in the market. Despite this optimistic outlook, our trading strategy will remain firmly grounded in algorithmic signals for both entry and exit points, ensuring a disciplined and data-driven approach to managing our portfolio.
Our research team has observed certain divergences within the broader market, which may indicate the formation of a topping pattern. However, our cyclical analysis suggests that a severe market correction is unlikely to occur this year. We will rely on our algorithm to guide us through any corrections.
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