Gone with the Wind, Back with the Banks: Toasting Market Resilience

The market was on fire after the election but winds of change have receded for now. Instead we are back with the 2024 leaders especially with a focus on financial tickers like WFC, BAC, and TOST. Do you know what's happening with volatility? This edition will let you peek behind the current of this week's turbulence.

Author

Bootleg Macro
November 17, 2024

Election hangover? It was pretty obvious this week the election moves were purely due to market structure. This week saw all major indexes down for the week, which is unexpected considering the bullishness folks feel who voted for America and Donald Trump. But economic cycles don’t care about elections, markets do.

What we do see is the same leadership continuing to lead the pack of stocks. The market will go up, it’s a natural occurrence of steady flows but individual stocks will have massive out performance.

📈 The question is, Who’s Leading the Pack?


This week, several standout stocks etched their way to fresh milestones, reflecting strength across diverse sectors. Palantir (PLTR) shone with an impressive +11.14% daily gain, capping a stellar +12.64% weekly performance and an astonishing +46.61% return over the last three months.

Meanwhile, Toast (TOST) notched a +0.59% daily increase, climbing +8.32% for the week and boasting a +37.67% return over the past three months.

Over in the consumer space, The Honest Company (HNST) surged +6.31% in a single day, skyrocketing +57.40% for the week and an incredible +93.02% in the last three months. 🌟 

These gains aren’t just numbers—they’re a testament to investor confidence and resilience amid a backdrop of volatility.

- Dustin

🚨 Closing the Week: Market Moves You Can’t Ignore! 🚨


This week, the markets painted a mixed picture, with the S&P 500 shedding -2.08%, the Dow sliding -1.24%, and the Nasdaq dropping -3.15% over the last five days. 📉 These declines underscore a pullback after recent gains, highlighting the volatility that remains in play. Yet, even with this week’s losses, the broader picture reflects resilience as we move deeper into November. 🔍 Let’s unpack the trends and explore the key movers shaping the narrative.

⚠️ Volatility Index (VIX): A Resurgence of Volatility?

VIX / VVIX improved! Blue up is good, blue down is bad. The market was down for the week but the longer-term turbulence indicator still shows a rising risk on environment. If we get a $20 spike in the VIX, I’m going hard into calls.

MACRO INDICATOR:

The Turbulence Indicator is rising and should flip in 2-3 weeks.

  • MACRO SEASON: BULLISH Since 8/24/24🟢

  • MICRO WEATHER: BULLISH Since 11/8/24🟢

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New Highs $5-$20:

  1. OUT - Outfront Media Inc - Real Estate - USA - 🇺🇸

  2. DESP - Despegar.com Corp - Consumer Cyclical - Argentina - 🇦🇷

  3. BBAR - BBVA Argentina ADR - Financial - Argentina - 🇦🇷

  4. SUPV - Grupo Supervielle S.A. ADR - Financial - Argentina - 🇦🇷

  5. MDXG - Mimedx Group Inc - Healthcare - USA - 🇺🇸

  6. GBTG - Global Business Travel Group Inc - Technology - USA - 🇺🇸

  7. HNST - Honest Company Inc - Consumer Defensive - USA - 🇺🇸

OUT - Outfront Media Inc - Real Estate - USA - 🇺🇸

DESP - Despegar.com Corp - Consumer Cyclical - Argentina - 🇦🇷

BBAR - BBVA Argentina ADR - Financial - Argentina - 🇦🇷

SUPV - Grupo Supervielle S.A. ADR - Financial - Argentina - 🇦🇷

MDXG - Mimedx Group Inc - Healthcare - USA - 🇺🇸

GBTG - Global Business Travel Group Inc - Technology - USA - 🇺🇸

HNST - Honest Company Inc - Consumer Defensive - USA - 🇺🇸

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New Highs $20+:

  1. COCO - Non-Alcoholic Drinks

  2. CNM - Industrial Design

  3. UBER - Software Application

  4. APG - Engineering & Construction

  5. VSH - Semiconductors

  6. SONY - Consumer Electronics

  7. ITB - Home Construction

  8. ENS - Electrical Equipment & Parts

  9. WMT - Discount Stores

  10. PTC - Software

  11. ABC - Medical Distribution

TOST - Toast, Inc. - Technology - United States - 🇺🇸

A wonderful expression of the future consumption fueling the economy from 2025 expectations.

PLTR - Palantir Technologies Inc. - Technology - United States - 🇺🇸

FOX - Fox Corporation - Media - United States - 🇺🇸

BAC - Bank of America Corporation - Financial Services - United States - 🇺🇸

LMND - Lemonade, Inc. - Financial Services - United States - 🇺🇸

ALK - Alaska Air Group, Inc. - Industrials - United States - 🇺🇸

WFC - Wells Fargo & Company - Financial Services - United States - 🇺🇸

T - AT&T Inc. - Telecommunications - United States - 🇺🇸

IONQ - IonQ, Inc. - Technology - United States - 🇺🇸

REZI - Resideo Technologies, Inc. - Technology - United States - 🇺🇸

This had a huge 3 weeks up 27% - I can be a bit more patient here.

KVUE - Kenvue Inc. - Consumer Health - United States - 🇺🇸

This has a little upside which is nice to see in something up 10% in 3 months.

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