The S&P 500 (SPX) broke out and completed multiple bullish patterns on Thursday, including a "V" bottom with a handle, a continuous inverse head-and-shoulders, and a cup with a handle. Take your pick, they are all bullish -- but do need confirmation by way of some near-term follow-through. Using the SPY chart, we have seen three days of accumulation in the past seven. We also saw three accumulation days on the SPY off the August pullback bottom. As we said previously, based on the size of the bullish formations, the SPX could see a measured move to the 6,000-6,500 region. But when? Timing is always an issue, but with favorable seasonals, we would suspect that range could be hit during the last two months of 2024 and into early 2025. The Nasdaq 100 (QQQ) already had completed a bullish three-wave ABC bottom -- and with Thursday's gap higher, has broken a bearish trendline since the July peak. The index also has seen three accumulation days since the September 6 bottom and a few off the pullback low in August. Based on the size of the ABC pattern, the QQQ could see an initial measured move to the 500 zone, with a secondary target range of 527-549. While there is always a short lag from sentiment, it is interesting that certain indicators are leaning bearish -- including hedge fund exposure and the OEX open interest ratio. Meanwhile, the CBOE five-day equity-only put/call ratio is back down to the lowest levels of the year and is showing a good dose of optimism toward stocks. When this P/C ratio has fallen to these levels previously this year, stocks have at times had trouble and at other times have not. (Mark Arbeter, CMT)

EVEREST GROUP LTD has an Investment Rating of HOLD; a target price of $407.000000; an Industry Subrating of Low; a Management Subrating of High; a Safety Subrating of Medium; a Financial Strength Subrating of Medium; a Growth Subrating of High; and a Value Subrating of Low.

Markel's primary business is property and casualty insurance, and the company focuses primarily on specialty lines, ranging from areas such as executive liability to commercial equine insurance. The acquisition of Alterra in 2013 added substantial reinsurance operations, which now account for a little less than 15% of premiums. The company uses capital generated by its insurance operations to buy noninsurance operations in diverse areas, such as bakery equipment manufacturing and residential homebuilding.

Berkshire Hathaway is a holding company with a wide array of subsidiaries engaged in diverse activities. The firm's core business segment is insurance, run primarily through Geico, Berkshire Hathaway Reinsurance Group, and Berkshire Hathaway Primary Group. Berkshire has used the excess cash thrown off from these and its other operations over the years to acquire Burlington Northern Santa Fe (railroad), Berkshire Hathaway Energy (utilities and energy distributors), and the companies that make up its manufacturing, service, and retailing operations (which include five of Berkshire's largest noninsurance pretax earnings generators: Precision Castparts, Lubrizol, Clayton Homes, Marmon, and IMC/ISCAR). The conglomerate is unique in that it is run on a completely decentralized basis.