Israel began in earnest its dangerous push into Gaza City, piercing the densely populated urban Hamas stronghold with troops and armored vehicles after one of the most intense bombing campaigns of the monthlong war.
JP Morgan strategists led by Mislav Matejka says this stock market rally is not sustainable. " We believe that equities will soon revert back to an unattractive risk reward into year end" Matejka wrote in a note to clients. Morgan Stanley's Mike Wilson insists this is just another bear market rally. "While we will keep an open mind, the move thus far looks more like a bear market rally rather than the start of a sustained upswing, particularly in light of weaker earnings revisions and macro data," Wilson said in a clinet note.
Citigroup (#C) is mulling job cuts of at least 10% in several major businesses. C is down 0.69%. Dish Network (#DISH) shares fell about 9% after the company reported weaker than expected results for the third quarter. Tesla (#TSLA) adds 0.61% on report it plans to build 25,000 Euros car at its Belin plant. Tesla announces wage hikes at giga Berlin amid union pressure.
Bitcoin has broken out of the $35000 resistance and is trading at around $35200. Bitcoin's near term resistance is $40000. Technically it's looking good and many analysts are projecting much higher levels by April next year when mining rate will be halved and many spot Bitcoin ETFs likely approved. By then many institutions may be drawn into Bitcoin investment .
Treasury Trust #TLT is down 0.83% and 10 Year Treasury yield (#TNX) is back up to 4.646%. US stock indexes are up but have came back down from their morning highs. After being up 6 days in a row, the stock market need to digest its big gain. It won't be a surprise to see the indexes come back down a day or two. S&P 500 (#SPX)'s initial support is it s 50 day moving average at 4346. Once it drops below this level, a deeper correction back down to its 200 day moving average 4250 will be the next support.
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