Traders Market Weekly: Brand New Year, what is Ahead?


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    Boston Scientific (BSX 57.02, +0.74, +1.3%): Initiates AVANT GUARD Clinical Trial to Evaluate FARAPULSE™ Pulsed Field Ablation System as First-Line Treatment for Persistent Atrial Fibrillation


    The Cigna Group (CI 300.01, +0.61, +0.2%): reaffirms FY23 and FY24 guidance


    S&P 500 futures are down one point and are trading fractionally below fair value,
    Nasdaq 100 futures are down six points and are trading fractionally below fair value
    Dow Jones Industrial Average futures are down nine points and are trading fractionally below fair value.

    Participation will be light again on this final trading day of 2023. The market is proceeding carefully with the S&P 500 just below its all-time high (4,796.56), but the major indices are still on pace to register a ninth consecutive week of gains.

    2-yr note yield is up one basis point from yesterday at 4.30%
    10-yr note yield is up four basis points to 3.89%.

    Oil prices are trying to bounce after sliding yesterday. WTI crude oil futures are up 0.5% to $72.09/bbl.

    Today’s economic data is limited to the Chicago PMI for December (consensus 50.0; prior 55.8) at 9:45 a.m. ET.


    Market Open
    Dow 37730.63 +20.53 (0.05%)
    Nasdaq 15102.80 +7.66 (0.05%)
    SP 500 4787.97 +4.62 (0.10%)
    10-yr Note
    NYSE Adv 1179 Dec 1478 Vol 74 mln
    Nasdaq Adv 1641 Dec 2304 Vol 1.2 bln

    Industry Watch
    Strong: Information Technology, Energy, Industrials, Health Care, Financials
    Weak: Real Estate, Utilities, Communication Services, Materials

    Moving the Market
    — Not a lot of conviction on the last trading day of the year
    — S&P 500 hovering below all-time closing high contributing to the muted action
    — Lack of meaningful news drivers
    — Relative strength in some mega caps


    2023 was a surprising EXCELLENT year for investments & trading closing out at record levels
    Some PROFIT-TAKING and selling of “LOSER-STOCKS” on last day of 2023 for IRS purposes

    INFLATION may uptick in 2024 — as 22 states are raising MIN-WAGE by huge amounts in some cases
    While some of this is overdue & justified — it will factor into price of goods & services
    It will also tighten labor market — and saw great opportunity to park from aggressive stocks
    to MONEY MARKET until we know more later. Usually, after JAN-2024 early inflows, we can see
    some air let out of stocks that are way over-valued given hardships many face on MAIN STREET

    Still hopeful that 2024 is a GREAT & IMPROVED year for all ahead.




    Dow 37,689.54 -20.56 -0.05%
    S&P 500 4,769.83 -13.52 -0.28%
    Nasdaq 15,011.35 -83.78 -0.56%
    VIX 12.54 0.07 0.56%
    Gold 2,072.90 -10.60 -0.51%
    Oil 71.38 -0.39 -0.54%


    And a few bonus GOAT songs to close out 2023 🙂


    Jan 1 to 7, 2024 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community… Doing, OK? Th
    [See the full post at: Traders Market Weekly: Brand New Year, what is Ahead?]

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