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On June 17th, CNBCs Jim Cramer stated on Tuesday that investors are flocking to SpaceX (SPCX.O) because they are betting on Musks ability to create a disruptive company, rather than the companys current profitability. "This stock is called SpaceX, but it could very well be called Elon Musk," Cramer said. Following its successful IPO last Friday, SpaceX quickly became one of the worlds most valuable companies, with its stock price rising nearly 5% on Tuesday, surpassing several tech giants including Amazon and briefly exceeding Microsofts market capitalization. This surge has intensified skepticism about whether SpaceXs approximately $2.5 trillion market capitalization is justified. However, Cramer believes that traditional valuation methods ignore the true value that many investors are buying. "This company may lose money for years, and such a high valuation is unreasonable. Its only valued this way because Musk is running it." Although Musk recently predicted that SpaceX could achieve $1 trillion in annual revenue by 2030, Cramer believes the stocks appeal goes far beyond any single prediction. “Buying SpaceX is essentially buying Elon Musk’s brain,” Cramer said. “I think the cult of Musk is real.”Japans Reuters Tankan Manufacturing Sentiment Index for June was 13, down from 8 in June.Japans Reuters Tankan non-manufacturing business sentiment index for June was 32, down from 29 in the previous month.1. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 0.64% to 51,999.67 points, continuing to set new record highs. The S&P 500 fell 0.57% to 7,511.35 points, and the Nasdaq Composite fell 1.15% to 26,376.34 points. JPMorgan Chase rose more than 3%, and Visa rose nearly 3%, leading the gains in the Dow. The Wind U.S. Tech Big Seven Index fell 0.37%, Nvidia fell more than 2%, Tesla fell more than 1%, and SpaceX rose 4.77%, closing with a market capitalization of $2.65 trillion, surpassing Amazon to become the worlds fifth-largest listed company. 2. The three major European stock indexes closed slightly higher. The German DAX rose 0.07% to 24,910.41 points; the French CAC40 rose 0.75% to 8,447.27 points; and the UK FTSE 100 rose 0.61% to 10,494.21 points. 3. International precious metals futures closed mixed. COMEX gold futures rose 0.03% to $4,353.00 per ounce, while COMEX silver futures fell 0.08% to $70.12 per ounce. 4. The most active US crude oil contract closed down 5.11% at $76.62 per barrel; the most active Brent crude oil contract fell 4.61% to $79.34 per barrel.Market news: General Motors has begun discussions with Raytheon Technologies and L3 Harris regarding increasing arms production.

S&P 500 Price Forecast – Stock Markets Give Up Early Gains

Cory Russell

Dec 29, 2022 14:37


Technical Analysis of the S&P 500

Initially attempting to rise during Wednesday's trading session, the S&P 500 eventually gave up gains and lost momentum due to the thin markets' lack of current interest. The 3800 level underneath should be sustained, but if we decline below that, it would be possible to slide considerably lower, maybe as low as the 3700 level.


At this point, rallies ought to be fading, therefore the 3900 level and the 50-Day EMA can serve as a ceiling from which to resume shorting. When signs of fatigue start to surface, they will be pounced on, and I won't think twice about shorting them. Because of this, I believe that the market will continue to be negative, although it's possible that unreliable money managers may attempt to pad their books towards the end of the year. This is a frequent occurrence since they must at least demonstrate to their customers that they possess the "proper stocks."


It appears like Wall Street will sometimes need a reminder that the Federal Reserve is dead serious, which is an issue that the Federal Reserve itself caused by coddling traders for 14 years, so I believe it's just a matter of time until we continue to go lower. In light of this, I am prepared to short this market gradually during rallies and when it begins to show symptoms of tiredness. However, at this time of year, I am not expecting for large swings, so you must see this through the lens of short-term trading.

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