NAGA Weekly Recap November 25 – November 29 - 2024
This week, markets shifted gears as U.S. stocks retreated post-Thanksgiving, with the tech sector under pressure following weak guidance from Dell and HP. The yen rallied to a five-week high on speculation of a BoJ rate hike, while OPEC+ postponed its key meeting to December 5, adding uncertainty to oil prices. Meanwhile, Netflix continued to soar, but Disney showed signs of a promising comeback.
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Garadaht, a trader from Bahrain, closed 68 trades this week with a solid total profit of $28,861. His strategy heavily favored XAU/USD, with 53 trades in gold complemented by 15 trades in NAS100. Gold proved to be his golden ticket, with several high-return trades exceeding 50% ROI, including an impressive 110.01% gain on a well-timed sell. Though NAS100 trades showed mixed results, strategic positioning in volatile gold markets carried the week. Garadaht’s approach highlights a sharp focus on leveraging commodity trends for consistent growth. | Casino Guichard-Perrachon SA (CASP.PA), a leading French food retailer operating hypermarkets, supermarkets, and e-commerce platforms, saw its stock price rise significantly today. This increase follows a better-than-expected quarterly earnings report, highlighting robust sales growth across both domestic and international markets. The company also unveiled new strategic initiatives aimed at improving operational efficiency and expanding its market footprint, which has bolstered investor confidence. Additionally, favorable market trends, including heightened demand for grocery and essential goods amid economic uncertainty, have further strengthened Casino's position, contributing to its positive market performance. |
*It is important to remember to assess your financial situation and risk tolerance, before engaging in copy trading. Past performance and forecast are not reliable indicators of future results.
Stocks Retreat Post-Thanksgiving Amid Tech Weakness
U.S. stocks slipped in light trading as investors took profits following a strong rally in November. The S&P 500 ($SPX500) ended lower, breaking a seven-day winning streak, while the Nasdaq ($NAS100) underperformed due to a sell-off in major technology names. The Dow Jones ($US30) also reversed earlier gains, reflecting cautious sentiment as traders reassessed risks.
Heavyweights Nvidia and Meta, both strong performers this year, faced declines as investors rotated out of high-growth stocks. Dell and HP were among the session’s worst performers, tumbling sharply after issuing disappointing earnings forecasts, adding pressure to the broader tech sector.
*Trading involves significant risk of loss.
Netflix Surges While Disney Gears Up for a Comeback
Netflix ($NFLX) has seen an extraordinary rally since May 2022, with its stock soaring 458% to reach record highs this month. Meanwhile, Disney stock struggled during Netflix's ascent but is now showing signs of a potential resurgence.
Backed by strong demand and a notable earnings boost, Disney is positioning itself for a new rally, gaining a spot on the Investor's Business Daily's Breakout Stocks Index. With its stock forming a first-stage cup base, Disney ($DIS) eyes a buy point of 123.74.
*Trading involves significant risk of loss.
OPEC+ Postpones Key Meeting on Oil Strategy to Dec. 5
The OPEC+ coalition has rescheduled its meeting on crude production strategy to Dec. 5, according to two unnamed delegate sources. Originally planned for Dec. 1, the decision to delay highlights the ongoing complexity of navigating an uncertain demand outlook. The meeting will now take place virtually.
The outcome of the meeting could significantly impact oil prices, particularly benchmarks like WTI ($USOUSD) and Brent ($UKOUSD), as markets await clarity on supply adjustments.
*Trading involves significant risk of loss.
Japanese Yen Hits Five-Week High on USD Weakness
The Japanese yen strengthened to a five-week high of 151.56 against the USD ($USDJPY), driven by speculation that the Bank of Japan may raise interest rates in December. Comments from BoJ Governor Kazuo Ueda hinting at potential rate adjustments have bolstered these expectations, with the probability of a 25-basis-point hike rising to 60%. Traders now await Tokyo inflation data, which could play a key role in shaping BoJ's monetary policy.
*Trading involves significant risk of loss.
This concludes our weekly recap. Have a great weekend and see you next week! 👋
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