Hi all,

Andrew and I are down in Medellin for a meet-up with some of our Colombian members. It has been a great time and we have met lots of friendly and fun people.

The indexes all ended positive on the shortened trading week. The much-anticipated NVDA earnings report was good but the stock price reaction was muted, possibly due to the big run-up we saw into the report.

Tech stocks seem a little exhausted after a pretty good November so we could be due for a pause in upside momentum in that sector. That said, VIX is really low showing no fear of any significant sell-off next month.

Seasonally, December is not as good as November but there is still optimism in the markets that the Fed is done raising rates. If the PCE price index data that comes out Thursday shows inflation is still trending lower, then it could be more fuel for the market to push higher into year-end.

Recap Video

 
Watch the recap on YouTube

Sectors in Play Last Week:

• Energy and Healthcare were the biggest gainers this week.
• Tech and Utilities gained the least on the week.

Key Levels for this Week:

• DOW (35,390) – support 34,500 and resistance 35,450
• QQQ (389) – support 377 and resistance 390 then 400
• SPY (455) – support 440 and resistance 457
• IWM (179) – support 170 and resistance 185

What to Watch for this Week:

• Monday – 10:00 US Home sales
• Tuesday – 9:00 CS home price index, 10:00 consumer confidence then lots of Fed speak
• Wednesday – 8:30 GDP and 2:00 Fed Beige book
• Thursday –8:30 Jobless claims and PCE index data
• Friday – 10:00 ISM and Construction spending

Earnings this week:

• Monday – ZS post
• Tues –PDD pre and INTU, CRWD post
• Wed – DLTR pre and CRM, SNOW post
• Thurs – DELL, MRVL, ULTA post
• Friday – nada

Tracking:

Will watch stocks like AAPL, AMD, and NVDA for more signs of topping action and possibly sell puts or calls expecting consolidation as opposed to more big moves.

Positions:

• XOM – long $104 as an XLE play. Sold puts that expired worthless.
• CCJ and URA – long uranium.
• TLT – short 85 puts expiring in January 2024

 

Note: These are investments I am in or watching however, they may not be suitable for all investors. The author of this email is NOT an investment advisory service, a registered investment advisor, or a broker-dealer and I do NOT undertake to advise clients or recipients of this email on which securities they should buy or sell for themselves. This email is provided for information purposes only and traders should always consult with their licensed BIDO financial advisors and tax advisors to determine the suitability of any investment.