Old Leaders Slowly Reemerging

With the S&P 500 bouncing from support, investors wonder whether the recent stock decline is officially over. And if so, which stocks will lead the market higher? ðŸĪ”

So far, leadership this year has been pretty thin, with the communication services, technology, and consumer discretionary sectors leading with double-digit gains. However, the rest of the sectors have seen lackluster performance, gaining single digits (and nearly half down for the year).

The last week has seen a bounce back in the entire market, but notably, the leadership sectors from earlier in the year are back in charge. Do they have enough juice left to push the S&P 500 and Nasdaq 100 indexes back to all-time highs? Or is the weakness in other sectors a bearish omen of further stock market weakness to come? ðŸ”Ū

That remains the key question investors are looking to answer as we head into year-end. With the S&P 500 and Nasdaq 100 both up double-digits, there are likely to be a lot of portfolio managers chasing performance to close the gap before they need to report year-end results. And if the market starts to rally again from here, the chase will officially be on. 🏃

More in   Stocks

View All

Definitely “A” Top, Maybe Not “The” Top

We don’t want to say CNBC caused the top in Super Micro Computer Inc., but they definitely pushed sentiment over the edge. ðŸĪŠ

Mania’s are hard to time, but most market participants agree that today was “a” top in the stock. What we all fail to agree on is whether it was “the” permanent top. Let’s see how it played out. 👇

Read It

Traders Eye IPOs Into 2024

After a rough patch from late 2021 through 2022, this year, the initial public offering (IPO) tried to make a comeback. Now, traders say 2024 could be the year this turnaround really comes. 👍 

Below is a chart of the Renaissance IPO ETF ($IPO), which is up about 53% so far this year. But technical analysts and traders say that its recent breakout to roughly eighteen-month closing highs signals a critical trend change in prices. They argue that prices staying above the 35-37 range, which has previously served as an inflection point in the stock, would suggest momentum has shifted firmly to the upside. 🙃

Read It

Investors Ditch China For Nvidia

While everyone is looking at the S&P 500 closing above 5,000 as this week’s stat of the week, MarketWatch is flagging another wild data point. ðŸšĻ

As you can see from the headline snippet above, Nvidia is now worth as much as the entire Chinese stock market. While several stocks already have achieved this feat, they’re bigger conglomerates with many businesses under one roof. But Nvidia is a chip designer and manufacturer with a more straightforward business model, making this that much crazier of an occurrence. 

Read It

How The Markets Performed In 2023

As our article about the ultra-wealthy showed, 2023 was a great year for assets (especially the publicly traded ones). Let’s take a quick peek at how things panned out. 👇

First, let’s start with the tech-heavy Nasdaq 100 index. The chart below shows that the index had one of its best rolling 12-month total returns in decades, rising 55%. The actual total return index also hit new all-time monthly closing highs, reiterating that bulls took back the momentum this year in a big way. ðŸĪĐ

Read It