The stock market closed mixed on Thursday as investors awaited monthly employment data which could decide the pace of the central bank’s rate tightening.
The S&P 500 fell 0.1% to 4,077. In contrast, NASDAQ grew 0.1% to 11,482.
Tweet of the Day
S&P 500 closed above the 200-day MA for first time in more than 7 months.
Looking at the previous 13 times (since '50) it was beneath this trendline for 6 mos or more and closed above showed only once did it move back to new lows.
Up avg 18.8% yr later and higher 12/13 times. pic.twitter.com/cqeOJahm1L
— Ryan Detrick, CMT (@RyanDetrick) November 30, 2022
Chart of the Day
Our chart of the day is the ten-year chart of Eli Lilly (LLY) as of November 16, 2022, when the stock was at $353.
Eli Lilly discovers, develops, manufactures, and markets human pharmaceuticals to approximately 120 countries worldwide. Its products are therapies for diabetes, oncology, immunology, and neuroscience.
The company has a weight loss drug that has the potential to become one of the biggest blockbusters of all-time. The drug is called Tirzepatide, and is already in use for Diabetes under the brand name Mounjaro. Although we don’t know when this drug could be approved by the FDA, trials will not be completed until April 2023.
LLY is part of the Conservative Stock Portfolio. David Sharek’s Fair Value P/E stays at 38, which is super high for a drug company.
