PUT IN WORK (11/25/2024)

The market had an exciting week, with stocks fighting to reclaim some previously lost territory. The Nasdaq (QQQ) and S&P 500 (SPY) ended the week up 1.9% and 1.7%, starkly contrasting their losses from the week prior. Although there isn’t much to cover, we think a few things are worth discussing.

The market was off to a slow start. Although Monday and Tuesday saw some mediocre gains throughout the day, Wednesday looked like the market was at a standstill. It wasn’t until Thursday’s open that stocks pushed beyond what they’d been hovering at by Tuesday and Wednesday’s close. It’s no coincidence either that Nvidia reported on Wednesday after hours, and sure enough, they beat expectations, briefly reaching a new high the next day.

Really, not much has changed since our last issue, with investors’ attention still set on events that have yet to come. They’re focused on maintaining some market stability—that’s their primary focus, at least. Many investors are also looking to bitcoin (BTC) as it repeatedly moves onto new highs and inches ever closer to that $100k mark. Thus far, the closest it’s gotten is $99,850, but that $100k marker acts as some fairly heavy resistance for cryptocurrency investors. We personally sold a little more than a tenth of a bitcoin at approximately $99k, working with the assumption that once it hits $100k, it’ll likely be flooded with volume as investors enter a tug-of-war based on buys and sells.

This week will see very few companies reporting: Zoom (ZM), Best Buy (BBY), CrowdStrike (CRWD), and Workday (WDAY) are just a few. With Thanksgiving coming up this Thursday, however, the amount of companies reporting earnings is on the lighter side.

(Nasdaq ETF (QQQ) price from November 2023 - 2024 — each candle is 1 week. Chart provided by tradingview.com.)

PORTFOLIO UPDATE

Our stocks have performed exceptionally this week, with some of our buys such as SoundHound (SOUN), RocketLab (RKLB), and C3.ai (AI) seeing immense gains of 30%, 23%, and 44% respectively. The rest of our portfolio saw smaller but still impressive gains as well, following in line with the market’s movement. Additionally, as mentioned earlier, we sold more than a tenth of a bitcoin for more than 900% gains. We plan to hold all currently owned stocks for the foreseeable future. As always, thank you for reading, and happy investing.