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. 🙃

But although recent IPOs are breaking out as a group, it’s important to note that investors are keeping a discerning eye. A look at the three most high-profile IPOs from the year’s second half shows the market remains optimistic about certain tech stocks like Arm Holdings but bearish on commoditized tech businesses like Instacart. 🕵️‍♂️

As always, we’ll have to wait and see if this turnaround truly takes place in 2024 or if traders’ optimism is misguided. 🤷

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Trading Competitions: Week 3 Recap

Stocktwits’ third week of trading competitions ended today, so let’s recap how it went. 👇

This week’s competition was a tight one, with CtheLightTrading snagging the second spot for the third consecutive week. HeyShoe also took the third spot where he sat in week one. Clearly, the two of them are in contention for that top spot, so we’ll keep an eye on them in future weeks. 👀

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Japanese Stocks Continue Shining

One of the world’s best-performing stock markets of 2023 is starting the new year with fresh highs. As measured by the Nikkei 225 index, Japanese stocks reached their highest since the 1990s as investors speculated that the Bank of Japan would delay plans to end its ultra-loose monetary policy. 🕰️

Recently, a devastating earthquake in central Japan caused widespread damage in the region and will likely weigh on the country’s already slow economic growth. As a result, the government is expected to outline fiscal stimulus efforts to help support the rebuilding process.

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Three Tech Stock Milestones

Despite a lackluster close for the major indices, several stocks hit major market-cap milestones. 🤩

First up is Microsoft, which briefly became the second company to cross the $3 trillion market value threshold. Although that didn’t hold into the close, what’s done is done, and the company certainly deserves to be celebrated. Meta’s rebound over the last two years pushed it back above the $1 trillion mark, bringing the total number of companies above this level to eight.

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How The Ultra-Wealthy Fared In 2023

Just as 2022 was a challenging year across the board, 2023 was a great one. Let’s check in to see how the ultra-wealthy are set up heading into the new year. 👀

The Bloomberg Billionaires Index indicated that the net worth of the wealthiest 500 people soared by $1.5 trillion this year, recovering all of the $1.4 trillion lost in 2022. That came despite fears of recession, elevated inflation, higher interest rates, and geopolitical turmoil as markets (and the economy) climbed the “wall of worry.”

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