Outlaw_Johnny_A

All indexes continued their forward momentum. Volume picked up slightly on the S&P500, while the Small Cap Russell saw impressive volume on Tuesday.

Before I talk about Upstart, let’s talk about the overall market today. All indexes, as you see, had very nice gains again today.

All indexes set new highs for the week ending 10/11/24. I am surprised, to say the least. Volume on both the S&P 500 and the NASDAQ Composite was extremely light.

All indexes we follow closed down today: S&P 500 5,695.94 down -0.96%, the NASDAQ down 41,954.24 -1.18%, and the Russell 2000 (2,193 -0.89%).

None of the markets I have been speaking about have gone anywhere since I called the short term top in the market in July.

If you are listening to CNBC or Bloomberg (as I have recently), you would think there is going to be a recession because the market has stalled since the Federal Reserve cut rates last week.

Upstart's $375 million convertible debt offering, scheduled to close on September 19, 2024, has an initial conversion price of approximately $45.66 per share.

The Federal Reserve cut interest rates by 50 basis points Wednesday. Here was the S&P 500 and the NASDAQ Comp. reaction.

Sometimes the stock market does not make sense. We are currently in that type of situation. Both the NASDAQ and the S&P 500 are up a smidge thus far this week.