Previous Next
The FRED Report – Financial Research, Education & Data
Mid Week Update
Volume 15, Issue 78
November 1, 2023
Download PDF Version here
Update of Market View
As we discussed in the weekly, we are looking at the possibility of a stock market bottom this week, and it looks as if the 410-area support on SPY has held and we should see more upside. Ultimately, we are looking for the 450-area but it could be choppy. We expect this to be up into Thanksgiving at least, and ultimately into the end of November. The 423-area on SPY, and the 357-area on QQQ are the next resistance. We liked the trading Tuesday, with a down open, and an up close, and back and forth trading through the day’s range.
TLT is in a range from 83 to 85, quite narrow. A move above 85 targets 87, then 90. Keep watching the interest rate indexes. Bonds, although they do not have the upside potential of stocks, also have probably bottomed.
Other Points of Interest
Japan is interesting here, as the Yen has started another leg down. This decline could target the mid to low 50’s. It looks more and more like the Japanese Government has embarked on a policy to reduce the value of the Yen.
During the Bank of Japan latest interest rate announcement on Tuesday, they took the ceiling off on bonds and decided to let interest rates float freely, a big change.
DISCLAIMER:
Fred Meissner is primarily responsible for the research in this report and certifies that: (1) all of the views expressed in this research accurately reflect his personal views about any and all of the subject securities or issuers; and (2) no part of his compensation was, is, or will be directly or indirectly related to the specific recommendations or view expressed him in this research.
This report is for your information only and is not an offer to sell, or a solicitation of an offer to buy, the securities or instruments named or described in this report. Interested parties are advised to contact the entity with which they deal, or the entity that provided this report to them, if they desire further information. The information in this report has been obtained or derived from sources believed by Fredco Holdings, Inc. to be reliable, but Fredco Holdings, Inc. does not represent that this information is accurate or complete. Any opinions or estimates contained in this report represent the judgment of Fredco Holdings, Inc. at this time and are subject to change without notice. Fredco Holdings, Inc. or its employees, officers, directors, principals, agents, affiliates or adviser may from time to time provide advice with respect to, acquire, short sell, hold or sell a position in, the securities or instruments named or described in this report.
Fredco Holdings, Inc. does not have investment banking relationships with any of the companies mentioned in this report and does not conduct investment banking business, in general. Fredco Holdings, Inc. and its employees do not receive compensation of any kind from any of the companies in this report. Fredco Holdings, Inc. , its directors, officers, principals, agents, advisers, affiliates and employees may maintain a financial position in the securities mentioned in this report, provided however that no buying or selling activity will be taken with respect to a security referenced in a report by such parties within three days of such report’s publication.
The information contained herein was prepared by Fredco Holdings, Inc., which is solely responsible for the contents of this report.
Copyright 2010-2024 Fredco Holdings, Inc.. All rights reserved. This report is a publication of Fredco Holdings, Inc. located at 4514 Chamblee-Dunwoody Rd, Suite 112, Dunwoody, GA 30338.
