Dow cracks 30,000!

GURU WISDOM

"Given a 10% chance of a 100 times payoff, you should take that bet every time." — Jeff Bezos
 

MARKETS

*Daily closing price
↗ EUR/USD    1.1897        (+0.49%) 
↗ GBP/USD    1.3362        (+0.29%)
↘ USD/JPY    104.51        (-0.03%)
↗ S&P 500    3577.59    (+1.62%)
↗ Hang Seng    26,588        (+0.39%)
↘ Gold        1807.00    (-1.68%)
↗ Oil (Brent)    46.06        (+3.86%)
↗ Bitcoin    19,143        (+4.26%)
 

NEWS

 

Dow 30k

Reaching the 30,000 level has different psychological meaning for different investors. Some may interpret as a signal to jump in, others to get out. The gains setup an interesting December, where there doesn’t seem a lot more room for a Santa rally. For now, investors are looking past the current wave of virus cases and looking forward to a better 2021 with the help of a covid-19 vaccine.
 

Ripple XRP

Ripple (the company that owns XRP) said it would seek to take advantage of the trend of CBDCs (central bank digital currencies) by offering use of the XRP ledger. Apparently the company is looking to hire a ‘Director of Central Bank engagements’. Ripple CEO Brad Garlinghouse has said central banks could use the Ripple architecture to issue and to exchange digital forms of fiat currency. The use of XRP as a way to convert CBDCs would in theory see a big jump in the value of each XRP. Elsewhere Bitcoin closed over $19,000.
 

Elon Musk

Tesla stock gained again to reach a new record high and a value of over $500 billion for the first time. The sky-high valuation for Tesla means Elon Musk overtook Bill Gates to become the 2nd wealthiest man alive, with only Amazon’s Jeff Bezos above. It is a sign of the times where the pandemic has exacerbated wealth inequality and made the rich richer and the poor poorer!
 

DAY AHEAD 

*Times in GMT
13:30 – US - Durable Goods Orders (Oct) - 1 % exp vs. 1.9 % prev
13:30 – US - Gross Domestic Product Annualized (Q3) PREL - 33.1 % exp vs. 33.1 % prev
19:00 – US - FOMC Minutes