Here's where the market stands right now.
Plus, we take a close look at the charts of the S&P 500 and Nasdaq Composite and check out Tesla, Disney and Salesforce.
Plus, a look at Wednesday's wishy-washy market action, the Treasury yield curve, Chevron's coming earnings and Lael Brainard's possible exit from the Fed.
Here's our latest look at the market's charts and data.
The crypto collapse and FTX fiasco has been a good reminder that the grass isn't always greener on the other side of the fence.
It becomes more difficult to doubt this rally by the day. Still, I remember very tough Februarys that have followed strong Januarys.
Demand for equities overtook supply as Fed fears seemed to relax a bit.
There are a few factors that will determine whether the bull is charging again, and most aren't arguing in its favor just yet.
Has the storm passed? The data that was waving red flags has moderated while the valuation spread has narrowed.
There comes a time when bad begets bad, when even a Corvette is stuck in traffic on the BQE. Doesn't matter what that car is capable of.
Key contrarian bullish signal weakens.
CEO speak will be as important as anything the Fed Heads say this week or anything that spills out of the clown car in Davos.
Indexes are bullish, but there are some red flags to watch out for.
Plus, a number of Fed presidents actually make thoughtful comments about what may be ahead for interest rates.
Some clouds are starting to appear that suggest chasing the current rally may not be prudent.
If Raphael Bostic's intent was to put the rally back in the box, then mission accomplished. If this is how the broader FOMC thinks, then uh-oh.
There was one important holdout, however.
The debate continues.
Much of the truly horrendous and contractionary macroeconomic data over the past three weeks or so were released after the December Fed meeting.
We are slightly more encouraged for clearer skies for the equity indexes after Tuesday.
Gold outperformed stocks late in 2022 and is worth watching here in the New Year.
The first day of trade in 2023 had a negative feel to it for equities. How negative the session was is debatable.
Technically the market is in miserable shape.
Let's check the market's technicals as we start 2023.
The business relationship between the U.S. and China is changed forever. That removes many of the margin-increasing benefits of globalism from the corporate profit proposition.
The ongoing inversion of Treasury yield spreads leads this observer to prepare for a recession that could become evident early next year.
High levels of crowd bearish sentiment remain a potential catalyst for the markets.
This risk-free pick may provide an equity-like return next year.
The move higher for yields put some pressure on the technology sector and growth type names that have lost the right to be called 'growth' types in 2022.
It instead could become a Saint Nicholas rally going into Jan. 7, though the early part of 2023 is likely to see weakness in stocks.