Money Vikings Investing - 🎅Week of 12/25/2023 - Stocks Unwrap Gains in Positive Pre-Holiday Week
In This Issue: Market Report, Finviz/Sector Analysis, Sentiment Analysis, AMA about my AMZN (HOT🔥TRADE), Santa Clause Rally 2023 🚀
Although the Wednesday SPY drop to 467 was a bit scary, Wall Street donned its 🎅 Santa hat for the week of December 18th, as all major indices enjoyed a jolly climb. After a shaky start, hopes for a dovish Fed and positive earnings reports sent investors into a festive buying spree. And what’s more? There’s still room before hitting the 477.98 upper bollinger band :) Just keep an eye on the overbought RSI of 68.93.
The S&P 500 led the charge, gaining 0.86%, closing at a shiny 4,754.83. The tech-heavy Nasdaq wasn't far behind, surging 1.32% to reach a high of 15,069. The Dow Jones also joined the party, adding 0.51% to end the week at a cozy 37,385. Even the often-grumpy Russell 2000 managed a 1.78% gain, bringing it to 2,034.33. GLD is also about a dollar away from recent highs of 192.40 this week.
Several factors fueled the market's holiday cheer:
Dovish Whispers: The pivot from the Fed sparked hope for slower interest rate hikes in the new year, sending growth-oriented sectors like tech soaring.
Inflation Iceberg Melting: Data suggesting easing inflation sprinkled some peppermint candy on investor enthusiasm, further supporting a dovish Fed.
While the week ended on a merry note, remember that the market can be a Grinch in disguise. Stay informed, conduct your own research, and consult with a financial advisor before making any investment decisions.
Happy holidays from Jerry & Greg at https://truewealth.moneyvikings.com
Finviz Heat Maps and Sector Analysis
The Fear and Greed Index & Market Temperature
We continue to stay in Extreme Greed territory, but down about 3 points from the prior week. The Put/Call ratio is around .74, as more people are buying calls that puts. Meanwhile the AAII Survey reached the highest in 2 and a half years, of 59% bullish.
Santa Claus Rally 2023
Santa Claus Rally 2023! Well folks, maybe perhaps sometimes wishes do come true. Dare I say it, the US economy seems on the approach to a soft landing after a once in a generation pandemic. Oh I can hear the naysayers now. The end is nigh, in fact it is right around the corner.. .