Little happened to stocks on Friday, but let's not lose sight of the positive week. Odds of the Fed cutting rates during the Fed meeting this coming week are suddenly less certain.
MACRO
Fed Futures
Fed Funds futures are currently trading at 1.875%, which fall pretty much in the middle of the 1.75 and 2% range. That rate has been on the rise since the beginning of September. Additionally, the CME Group now projects just an 80% chance of a 25 bps rate cut next week. That is down from a 90% chance last week.
So we can wait and see what develops next week. I’d be surprised if the Fed doesn’t cut rates.
S&P 500 (SPY)
It looks like there is a bullish pennant pattern that is forming on the intraday of the S&P 500. I think it is positive for the start of next week.
STOCKS
Freeport (FCX)
Freeport (NYSE:FCX) finally reached my target today of 11.00, and with that, we can check that one-off. I’m not sure what happens next. I will have to keep an eye on things.
Apple (AAPL)
Apple (NASDAQ:AAPL) bounced off support Friday where it was supposed to at $217.40. The trend is still higher.
Square (SQ)
Square (NYSE:SQ) bounced some Friday, but the trend is still lower.
Which stock should you buy in your very next trade?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.
In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.
With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.