U.S. Indexes closed, led by the 2% fall in the NASDAQ 100 lagging. Technology was the clear sectoral laggard, weighed by weakness in Palantir (-8%) post-earnings, which also weighed on other AI plays, such as NVDA (-4%). Back to PLTR, they reported a stellar quarter and raised guidance, but some are concerned by their elevated valuation, whilst also adding to the downbeat picture was Michael Burry’s latest 13-F showing him having bought 5 million put options in PLTR, and 1 million puts in NVDA. Given the pullback in PLTR shares after a solid report, other sectors with stretched valuations have also taken a hit, including uranium/nuclear and rare earth stocks. WTI and Brent were weighed on by the broader risk tone, albeit settled way off their lows, with the Dollar seeing a bid, and the Dollar Index crossing 100 for the first time since August. The Japanese Yen was the G10 gainer on global-risk off trade and verbal FX comments from the Finance Minister, while Antipodeans and Sterling were hit on similar sentiments, with the latter after Chancellor Reeves gave a pre-budget speech and left the UK fixated on the fiscal backdrop. Treasuries saw a mild bid ahead of QRA on Wednesday, while Bitcoin fell beneath USD 100k for the first time since June, and Spot Gold fell back beneath USD 3,950/oz. Overall, newsflow was sparse on Tuesday amid no US data, given the Government shutdown, and no Fed speak as markets await the next catalyst. Elsewhere, Oil closed lower by 1% and Gold by a hefty 1.7% on increased volume.
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For anyone following my Platinum Service it made 300 points yesterday and is now ahead by 935 points for November, after ending October with a nice gain of 5110 points after closing September with a gain of 3774 points while ending August with a gain of 3362 points after closing July with a gain of 3753 points after closing June with a gain of 3530 points, having closed May with a gain of 3606 points, after closing April with a gain of 7685 points after closing March with a gain of 2254 points while closing February with a gain of 4180 points. January ended with a gain of 2768 points while 1997 points were gained in December. October ended with a gain of 2179 points, after closing September with a gain of 4402 points, following a loss of 301 points in August. July gained 1908 points while June saw a gain of 2074 points. The Platinum Service made a record 9619 points in October 2022. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 2300 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification
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