Stock Market Outlook for December 29, 2023
A sharp downfall of international trade activity in November continues to emphasize the strains that the manufacturing economy is enduring and the more discerning nature of consumer activity.
*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities. As always, the use of technical and fundamental analysis is encouraged in order to fine tune entry and exit points to average seasonal trends.
Stocks Entering Period of Seasonal Strength Today:
Subscribers Click on the relevant link to view the full profile. Not a subscriber? Signup here.
iShares 1-5 Year Laddered Government Bond Index ETF (TSE:CLF.TO) Seasonal Chart
Vanguard Total International Bond ETF (NASD:BNDX) Seasonal Chart
Western Asset Global High Income Fund Inc. (NYSE:EHI) Seasonal Chart
Invesco Municipal Income Opportunities Trust (NYSE:OIA) Seasonal Chart
ProShares Ultra Gold (NYSE:UGL) Seasonal Chart
Halliburton Co. (NYSE:HAL) Seasonal Chart
Sturm Ruger & Co., Inc. (NYSE:RGR) Seasonal Chart
Teucrium Corn Fund (NYSE:CORN) Seasonal Chart
Invesco S&P 500 Equal Weight Energy ETF (NYSE:RSPG) Seasonal Chart
Callon Petroleum Co. Del (NYSE:CPE) Seasonal Chart
Star Bulk Carriers Corp. (NASD:SBLK) Seasonal Chart
The Markets
Stocks closed generally mixed on Thursday, hovering around the flat-line, as portfolio managers conduct their final trades of the year in order to bring portfolio allocations back inline with investment policy guidelines. The S&P 500 Index ended with a gain of a mere four basis points (0.04%), continuing to flirt with the all-time high charted around two years ago at 4800. Short-term momentum is showing distinct signs of waning around these heights, but we would not be surprised to see another burst higher in price into the very start of the new year once tax-loss selling trades have been concluded and as new funds make their way into the market at the start of the month, quarter, and year. The Relative Strength Index (RSI) remains in overbought territory, but signs of rollover from the overbought extreme that was charted through the middle of December can be seen. The same can be said of MACD, which is converging, once again, on its signal line it what could amount to a pending sell signal. The intermediate path of the benchmark remains positive, supported by major moving averages, continuing to leave us with little to do in our portfolio that employs an intermediate/seasonal approach. So long as the market remains in this Santa Claus rally timeframe that runs into the first few days of the new year, just enjoy the ride and we can look to scrutinize activity more closely come the new year when equity market performance tends to soften beyond the first week of the year.
Today, in our Market Outlook to subscribers, we discuss the following:
- Weekly Jobless Claims and the health of the labor market
- US International Trade
- The weak trend of the price of oil and the supply/demand backdrop as it exists in the US
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for December 29
Not signed up yet? Subscribe now to receive full access to all of the research and analysis that we publish.
Sentiment on Thursday, as gauged by the put-call ratio, ended slightly bullish at 0.90.
Seasonal charts of companies reporting earnings today:
- No significant Earnings Scheduled for Today
S&P 500 Index
TSE Composite
| Sponsored By... |
|
