Market Musings 080624: Charts to Watch
Summary:
- Global stock markets remain in bull trend despite some small corrections in certain markets
- Nvidia contiues to leads, now worth over $3 trillion (more than Apple, just behind Microsoft)
- Healthcare also a strong performer led by the anti-obesity drugmakers Novo Nordisk and Eli Lilly
- US employment data on Friday (US nonfarm payrolls) were stronger than expected, pushing US 10-year bond yields higher
- These higher bond yields also encouraged a further profit-taking correction in gold and silver, copper too after their strong runs
- Clean Energy coudl be about to finally break out of its 2021-24 downtrend
US mega-cap tech still leads, pulling global stocks higher
Source: tradingview.com
No stopping the Nvidia runaway train yet
Source: tradingview.com
Outside of US mega-cap tech, Healthcare also leads
GLP-1 anti-obesity theme leads (Novo Nordisk, Eli Lilly), but AZN AstraZeneca and Novartis also strong
Source: tradingview.com
Surprisingly strong US employment data (nonfarm payrolls) send US long-term interest rates higher
Source: tradingview.com
Which has weighed on gold and silver in the short-term after a strong run-up
Source: tradingview.com
While I still believe in the long-term copper story, profit-taking continues for now
Source: tradingview.com
In Renewable Energy, Solar Panels are the clear favourite in new installations globally fgiven their lower cost and better efficiency
Source: IEA
Keep your eyes on this RENW L&G Clean Energy ETF, watch for a breakout from the downtrend
Source: IEA
