💰Bitcoin bottom at $94K?
PLUS: US interest rate cut in December rises to 74.5% probability
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🚀 Palantir Price Levels to Watch as Stock Jumps to New All-Time High
📈 Wall Street is betting on a strong US economy in 2025
🤔 Bitcoin bottom at $94K?
🤣 Investing meme
Estimated reading time: 5 minutes
DOW: $44,705 (-0.17%)
S&P: $6,049 (+0.05%)
NASDAQ: $19,480 (+0.40%)
Palantir Price Levels to Watch as Stock Jumps to New All-Time High
Palantir Technologies (PLTR) surged nearly 7% on Tuesday, closing just under $71 after hitting a record $71.37.
The jump came as the company’s entire product suite received federal approval for processing sensitive workloads, bolstering its position to serve government entities.
Additional momentum followed speculation that Palantir could join the Nasdaq 100 during its upcoming reconstitution, adding prestige after its switch from the NYSE to Nasdaq last month.
Year-to-date, Palantir has soared over 400%, fueled by demand for its customizable AI software.
Using the measuring principle, Palantir’s prior trend suggests an upside price target of $89. This calculation is based on the pennant breakout, adding $25—the length of the previous trend—to the upper boundary at $64.
Key Support Levels
$58.50: The low end of the pennant pattern, roughly 18% below current levels, could serve as the first major support zone.
$45: This level aligns with October’s peaks and the stock’s November gap higher, presenting a potential buying opportunity on a deeper pullback.
$38: Further correction could test support near September–October consolidation highs, a key level for long-term investors.
Tech Stocks Propel Futures Higher Ahead of Powell's Speech
U.S. stock futures climbed on Wednesday, with technology stocks setting the stage for new records as investors awaited Federal Reserve Chair Jerome Powell's address for insights into upcoming interest rate decisions.
Dow Jones Industrial Average Futures: Up 0.5% (+200 points)
S&P 500 Futures: Up 0.3%, building on an all-time high close
Nasdaq 100 Futures: Leading gains with a 0.7% rise
Several tech names fueled optimism:
Salesforce (CRM) surged 13% pre-market following better-than-expected quarterly revenue and growing enthusiasm for its AI products.
Okta (OKTA) and Marvell (MRVL) also jumped on strong earnings reports, bolstering sentiment in the sector.
Markets await Fed Chair Powell’s speech for clarity on a potential December rate cut, with odds now at 74% for a 25-basis-point reduction (CME FedWatch).
Investors are also watching key economic data, including private payrolls, PMIs, and Friday’s jobs report, as well as global instability in France and South Korea.
US 10YEAR: 4.25% (+0.03%)
US 2YEAR: 4.19% (+0.02%)
GOLD: $2,645 (+0.17%)
Wall Street is betting on a strong US economy in 2025
Despite years of underestimating the U.S. economy, Wall Street strategists are optimistic for 2025, predicting stronger GDP growth and equity market performance:
RBC's Lori Calvasina: Expects GDP growth between 2-3% and sees the S&P 500 ending 2025 at 6,600, driven by upward economic surprises.
Wells Fargo's Christopher Harvey: Projects a bullish 7,007 target for the S&P 500, citing "cyclical opportunities" tied to GDP revisions.
BofA's Savita Subramanian: Recommends sectors like Financials, Consumer Discretionary, and Materials, predicting the S&P 500 at 6,666 with a 2.4% GDP growth forecast.
Historical data shows when GDP grows 2.1-3%, stocks rise 70% of the time with average returns of nearly 11%, reinforcing optimism.
Deutsche Bank's Bankhim Chadha points to parallels with past periods of low unemployment and robust GDP growth, forecasting an S&P 500 target of 7,000.
Wall Street's consensus: Strong economic growth could make 2025 a pivotal year for equities, especially for value stocks and GDP-sensitive sectors.
US interest rate cut in December rises to 74.5% probability
The CME FedWatch tool now estimates a 74.5% probability of a 0.25% Federal Reserve rate cut at its Dec. 17–18 meeting, up from 66% on Nov. 29.
If realized, this would lower rates to a target range of 4.25%-4.5%, following two earlier cuts this year that brought rates down from 20-year highs.
Fed Governor Christopher Waller expressed tentative support for a cut, pending incoming data on inflation, employment, and consumer spending. New York Fed President John Williams also suggested rates could lower "over time."
Rate cuts are historically bullish for Bitcoin, as lower borrowing costs encourage risk-on investments. Bitcoin is down 2% in the last 24 hours, trading around $95,800, but optimism remains strong for a rally to $100,000 by year-end.
Fed Chair Jerome Powell’s upcoming remarks on Dec. 4 are expected to provide further clarity on the December decision.
BTC: $95,862 (+1.01%)
ETH: $3,709 (+2.80%)
SOL: $232.87 (+3.49%)
Bitcoin bottom at $94K?
Bitcoin (BTC) has surged from weekly lows, bouncing back to around $95,900 on December 4, signaling cautious optimism in the market.
As it pushes towards $97,000, traders are closely eyeing key levels, including the 21-day simple moving average at $94,560.
Flash volatility earlier, caused by political instability in South Korea, briefly dipped prices below $94,000, but the market has since regained stability.
Analysts like Rekt Capital remains hopeful as Bitcoin continues to test lower price levels without losing its upward trend.
However, some caution remains, with a potential retest of lower levels, including a $90,000 target.
Meanwhile, retail interest in Bitcoin is skyrocketing, with a 30% surge in buying volume from smaller investors, signaling growing market participation.
This increase in retail demand, combined with institutional interest, may provide the fuel for Bitcoin's next big move.
However, market participants are advised to remain cautious and conduct their own research as volatility persists.
Grayscale files with SEC for spot Solana ETF
Grayscale Investments has filed with the SEC to launch a spot Solana (SOL) exchange-traded fund (ETF), under the ticker GSOL.
The proposed ETF would convert its existing Grayscale Solana Trust into a spot ETF, similar to how it transitioned its Bitcoin and Ether trusts into ETFs.
The Grayscale Solana Trust, which holds $134.2 million in assets and represents 0.1% of all SOL in circulation, is currently the largest Solana investment fund globally.
The custodian for the ETF would be Coinbase Custody, with BNY Mellon Asset Servicing as the administrator.
This move positions Grayscale against other firms like 21Shares, VanEck, and Bitwise, all seeking SEC approval for spot Solana ETFs.
The Solana market has surged by 277% in the past year, reaching a market cap of over $112 billion, with Solana currently trading at $238.
Investing Meme 😂
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.