US GDP growth advances 5.2% in Q3, surpassing prior estimate of 4.9% and stronger than the 2.1% rise in Q2. The increase reflects an upturn inconsumer spending, private inventory investment, export, state and local government spending, federal government spending, residential fixed investment, and nonresidential fixed investment. PCE price index +2.85 VS 2.9% estimate, Core PCE price index +2.3% Vs 2.4% estimate. US Treasruries rally on the news with TLT up 0.92% and 10 Year yield drops to 4.28%.
Standard Chartered has reaffirmed its oulook for Bitcoin's (BTC) price to peak by/before the endo of 2024. They "think a number of spot ETFs will now be approved in Q1 of 2024 for both BTC and ETH, paving the way for institutional investment ." I believe BTC is going to start a rally to $50000 near term。
Major market indexes rallied after open on lower than expeced PCE price index. They have pulled back significantly after getting close to their July highs. These highs are Dow 35679, S&P 500 4607 and Nasdaq 14446. After rallying big in the past month and near resistances , the indexes need rest before able to breakout these highs. Fear gauge VIX is trading at its low indicating too much investor complacency and may ready to reverse. It would be reasonable for the stock indexes to pull back near term.
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