Traders Market Weekly: Another Year, Another Reset

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    Dow 33,220.80 345.09 1.05%
    S&P 500 3,849.28 66.06 1.75%
    Nasdaq 10,478.09 264.80 2.59%
    VIX 21.44 -0.70 -3.16%
    Gold 1,821.90 6.10 0.34%
    Oil 78.72 -0.24 -0.30%

    Loved Truman’s great music selections & all the hard work by all of forum members during 2022 :)


    All 11 S&P 500 sectors logged gains today with mega cap leadership pushing the communication services (+2.7%), information technology (+2.6%), and consumer discretionary (+2.6%) sectors to the top of the leaderboard.

    On the flip side, the countercyclical consumer staples (+0.4%) and utilities (+0.8%) sectors fell to the bottom of the pack.

    Entering today’s session, Tesla (TSLA 121.82, +9.11, +8.1%) was down 42% for the month, Apple (AAPL 129.61, +3.57, +2.8%) was down nearly 15%, and the Vanguard Mega Cap Growth ETF (MGK) (+2.5%) was down 11.3% in December. Many stocks saw similar price action, which led to the broad-based rally effort today. Advancers led decliners by a greater than 5-to-1 margin at the NYSE and a greater than 4-to-1 margin at the Nasdaq.


    Dow Jones Industrial Average: -8.6% YTD
    S&P Midcap 400: -14.1% YTD
    S&P 500: -19.2% YTD
    Russell 2000: -21.3% YTD
    Nasdaq Composite: -33.0% YTD


    Enovix (ENVX) appoints Raj Talluri as CEO, effective Jan 18 2023
    ENVX up 2.6%

    Heidrick & Struggles (HSII) to acquire Atreus, an executive interim and on-demand talent business; financial details not disclosed
    HSII up 1.5%


    Fair Value for Friday, December 30th:

    S&P 500: 3,873
    Nasdaq 100: 11,036
    DJIA: 33,380


    China regulator asks Futu and UP Fintech to take corrective measures

    SHANGHAI, Dec 30 (Reuters) – China’s securities regulator said on Friday that online brokerages Futu Holding and UP Fintech Holding have conducted unlawful securities businesses, and will be asked to take corrective measures.

    Both down 30% premarket


    Equity indices in the Asia-Pacific region had a subdued Friday session with mixed performances (and modest changes) for the major indices that were open for trading.

    —Equity Markets—

    Japan’s Nikkei: flat (-0.5% for the week/-9.4% for the year)
    Hong Kong’s Hang Seng: +0.2% (+1.0% for the week/-15.5% for the year)
    China’s Shanghai Composite: +0.5% (+1.4% for the week/-15.1% for the year)
    India’s Sensex: -0.5% (+1.7% for the week/+4.4% for the year)
    South Korea’s Kospi: closed for holiday (-3.3% for the week/-24.9% for the year)
    Australia’s ASX All Ordinaries: +0.3% (-0.9% for the week/-7.2% for the year)


    It was a quiet day of economic reporting. The only release of note was South Korea’s December CPI report, which showed a 0.2% m/m increase and an unchanged 5.0% yr/yr rate that helped the peak inflation narrative.
    China, meanwhile, will be releasing its official Manufacturing PMI and Non-Manufacturing PMI reports after the U.S. market closes today and both are expected to remain in contraction territory (i.e. sub-50). Those reports will keep the spotlight on China to begin the new year, as will China’s COVID case surge, which is stoking concerns about new variants being transmitted across the globe.
    The Bank of Japan carried out an unscheduled bond buying operation for the third straight day, this time focusing a JPY300 bln effort on 10-25 yr JGBs. USD/JPY -0.9% to 131.83.
    South Korea’s December CPI +0.2% m/m (expected +0.1%; last -0.1%) and +5.0% yr/yr (expected +5.0%; last +5.0%)


    Major European indices are under some selling pressure in the final session of 2022 amid thin trading volumes.

    —Equity Markets—

    STOXX Europe 600: -0.8%
    Germany’s DAX: -1.1%
    U.K.’s FTSE 100: -0.8%
    France’s CAC 40: -0.9%
    Italy’s FTSE MIB: -0.8%
    Spain’s IBEX 35: -0.7%
    TSLA, AAPL, AMZN drive premarket losses


    The UK market is closing early today.
    On a related note, the London Times reports that Prime Minister Sunak is considering cutting in half the fiscal support provided to businesses to help pay fuel bills.
    Spain’s December CPI dropped to 5.8% yr/yr from 6.8%, leaving it at a high level but headed in the right direction. EUR/USD +0.2% to 1.0676.
    Spain’s December CPI +0.3% m/m (last -0.1%) and +5.8% yr/yr (expected +6.1%; last +6.8%)
    UK’s December Nationwide HPI -0.1% m/m (expected -0.7%; last -1.4%) and +2.8% yr/yr (expected +2.3%; last +4.4%)
    Switzerland’s December KOF Leading Indicators 92.2 (expected 90.5; last 89.2)


    Southwest (LUV 33.20, -0.18, -0.5%) executives say holiday issues will impact Q4 results and company will reimburse travel expenses to customers with cancelled flights, according to CNBC
    Cigna (CI 330.72, 0.00, 0.0%): reaffirms FY22 EPS guidance
    Li Auto (LI 19.45, -0.04, -0.2%): holds media event at Auto Guangzhou 2022; announced its December deliveries will exceed 20,000 vehicles
    Shaw Comms (SJR 28.93, +2.54, +9.6%): welcomes competition tribunal decision
    UP Fintech (TIGR 3.1500, -1.62, -34.0%) & Futu Holdings (FUTU 42.59, -16.32, -27.7%) : asked by China regulators to take corrective measures amid allegations of unlawful activities, according to Reuters


    Equity futures remain weak heading into the open.

    The S&P 500 futures are down 25 points and are trading 0.7% below fair value.
    The Nasdaq 100 futures are down 111 points and are trading 1.1% below fair value.
    The Dow Jones Industrial Average futures are down 146 points and are trading 0.5% below fair value.

    A few mega cap stocks have extended their losses recently, including Tesla (TSLA 119.27, -2.55, -2.1%) and Apple (AAPL 128.17, -1.44, -1.1%).

    Treasury yields remain elevated.

    The 2-yr note yield is up three basis points to 4.40% and the 10-yr note yield is up three basis points to 3.87%.

    Energy complex futures are trending lower.

    WTI crude oil futures are down 0.6% to $77.95/bbl and natural gas futures are down 1.7% to $4.05/mmbtu.

    Shortly after the opening bell, market participants will receive the December Chicago PMI (consensus 40.0; Prior 37.2).


    U.S. Treasuries traded in relatively tight ranges overnight amid a lack of conviction on this final trading day of the year.

    To that end, SIFMA recommends an early close today for the bond market at 2:00 p.m. ET. Not much in the way of news flow to drive any meaningful activity.

    The Bank of Japan conducted its third straight unscheduled bond buying operation, focusing a JPY300 bln effort on 10-25yr JGBs. The U.S. Dollar Index is down 0.2% to 103.68.

    2-yr: +1 bp to 4.38%
    3-yr: +1 bp to 4.19%
    5-yr: +1 bp to 3.97%
    10-yr: +1 bp to 3.84%
    30-yr: unch at 3.92%


    Thank s all for all the update and great music shares – 2022 is almost done yee haw!

    Here is a bit of Texas fun:

    Fun intro…


    Dow 33,147.25 -73.55 -0.22%
    S&P 500 3,839.50 -9.78 -0.25%
    Nasdaq 10,466.48 -11.61 -0.11%
    VIX 21.67 0.23 1.07%
    Gold 1,830.10 4.10 0.22%
    Oil 80.51 2.11 2.69%

    It’s a WRAP as 2022 trading year ends as bad year for both stocks & bonds
    Hoping 2023 is a better year ahead for all :)

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