Market Update: GDP Surprises and a Look Into Bitcoin Dominance

The markets are up this morning after 3rd quarter GDP blew out expectations. The numbers are pretty phenomenal. Have a look for yourself.

No surprise here the economy is extremely hot and the evidence to prove it is piling in. We have been talking about this nearly all year but things are really starting to intensify in the numbers which aligns well with a big year end rally. Tomorrow we will get even more inflation data with personal consumption expenditure (PCE) coming out.

Housing prices hitting all time highs. Record travel numbers. Record holiday shopping numbers. All signs we are in a major boom right now.

The price action of the markets reflects the state of the economy. No change to my S&P 500 outlook. You can see the Monday update for that. The stock market continues to show a strong uptrend that is not willing to give sidelined investors and entry point. At this stage my worst case scenario is a small correction into mid December before a huge Santa Clause rally.

The one factor that looks like it can put a pause on the upside is the dollar.

The DXY has been falling off a cliff here and it hitting oversold levels on the daily that are rarely seen. I would not be surprise to see the dollar catch a bid here for a few weeks.

Before, we move on I want to give a quick reminder that prices for a subscription will be increasing in 1 month so if you haven’t already, make sure you subscribe before then.

That takes us over to crypto. I want to share with you a few scenarios that we can see play out in December.