Keybot the Quant remains long after a big up day on Christmas Eve. The bulls boosted the banks creating more upside fuel for the stock market. The Fed steps on the neck of volatility and stocks go to the moon. The wealthy class dances with glee. The bulls are in control of stock market direction currently with the algo number 31 points above the signal line.
In the banks versus volatility contest, the banks are clearly the winner. XLF leaps to 48.99 while VIX collapses to at 14-handle. Bears have no hope unless XLF drops below 48.60 and/or VIX moves above 16.90. Bulls cannot expect anymore significant upside in the stock market from here unless they boost utilities and copper.
Watch the XLF 48.60 bull/bear line in the sand and also the direction of utes and copper. That will tell you everything you need to know. Merry Christmas. Have a Holly Jolly Christmas. Play music.
12/31/24;
7:00 PM EST EOM EOQ4 EOY2024 =
12/29/24;
7:00 PM EST =
12/24/24;
10:17 AM EST = +30; signal line is -1
12/23/24; 3:56 PM EST = +14; signal line is -1
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