Watch out for this fellow:
These events still cause shakeouts and certainly catastrophic geocosmic events can change or end the best made plans of ‘mice and men’.
GENERAL NEWS:
Stocks moved mostly higher over the course of the trading session on Monday, adding to the strong gains last week. The Nasdaq and the S&P 500 climbed firmly into positive territory, although the narrower Dow ended the day little changed.
While the Dow inched up 0.86 points or less than a tenth of a percent to 37,306.02, the Nasdaq rose 21.37 points or 0.5 percent to 4,740.56 and the S&P 500 climbed 90.89 points or 0.6 percent to 14,904.81.
Stocks continued to benefit from recent upward momentum, which has propelled the Dow to new record highs. The Nasdaq and the S&P 500 have also reached their best levels in nearly two years.
The major averages have moved higher for seven consecutive weeks due in part to optimism about the outlook for interest rates, with last week’s rally coming as the Federal Reserve’s latest projections hinted at three rate cuts next year.
However, several Fed officials have subsequently pushed back on investor hopes that rate cuts by the central bank are imminent.
Chicago Fed President Austan Goolsbee told CNBC’s “Squawk Box” he was confused by the reaction to the Fed announcement, which saw both stocks and bonds move sharply higher.
“It’s not what you say, or what the chair says. It’s what did they hear, and what did they want to hear,” Goolsbee said. “I was confused a bit — was the market just imputing, here’s what we want them to be saying?”
Nonetheless, CME Group’s FedWatch Tool still suggests there is a good chance the Fed will lower interest rates by a quarter point in March.
Later this week, the Commerce Department is due to release its report on personal income and spending in the month of November, which includes readings on inflation said to be preferred by the Fed.
The National Association of Home Builders released a report this morning showing homebuilder sentiment in the U.S. rebounded in December after falling for four consecutive months.
The report said the NAHB/Wells Fargo Housing Market Index climbed to 37 in December after falling to an eleven-month low of 34 in November. Economists had expected the index to rise to 36.
Steel stocks saw substantial strength on the day, resulting in a 3.2 percent spike the NYSE Arca Steel Index.
U.S. Steel (X) led the sector higher, skyrocketing by 26.1 percent after announcing an agreement to be acquired by Japan’s Nippon Steel for $55.00 per share in cash.
Significant strength also emerged among retail stocks, as reflected by the 1.6 percent gain posted by the Dow Jones U.S. Retail Index. The index reached its best closing level in well over a year.
Oil producer and pharmaceutical stocks also saw strength on the day, while housing and banking stocks moved to the downside.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Monday. Japan’s Nikkei 225 Index fell by 0.6 percent, while Hong Kong’s Hang Seng Index slumped by 1.0 percent.
Meanwhile, the major European markets turned in a mixed performance on the day. While the U.K.’s FTSE 100 Index climbed by 0.5 percent, the French CAC 40 Index declined by 0.4 percent and the German DAX Index slid by 0.6 percent.
In the bond market, treasuries gave back ground after moving sharply higher last week. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 2.6 basis points to 3.954 percent.
https://www.howestreet.com/
COULD SANTA CLAUS RALLY BE A GOOD SIGN FOR THE NEW YEAR?
U.S. DOLLAR
CANADIAN DOLLAR
URANIUM – REPORTS ONLY ISSUED WEEKLY
COMMODITIES
CRYPTO UPDATE AS OF DECEMBER 18, 2023
Gold is the solution to currency debasement – Richard Mills – Ahead of the Herd
Indeed, fiat currencies are being destroyed because of reckless money-printing by governments and this is the reason to own gold.
You don’t purchase gold to take advantage of short-term price fluctuations in the market, you buy it because it will always gain in value compared to paper money.
Over time, gold is a store of value because it is not subject to the inflationary pressures fiat currencies are. Since 1913, when the Federal Reserve was created, the US dollar has lost 96% of its value.
The extraordinary value of gold versus dollars is easily grasped by conducting a little thought experiment. Let’s say you were 18 years old in 1971, and just beginning your working life. In five years time you make some smart investments and manage to bank $100,000. At age 23 you have a decision to make: Is it better to plug that money into a retirement savings plan, or buy $100,000 worth of gold, which in 1976 is trading at $125/oz? You decide to buy gold.
Fast forward 47 years. You are now 70 years old and ready to retire. In 2023, gold is worth $2,000 an ounce — 16 times what you bought it for in 1976! The gold bars and coins just sat there in a safe, not earning interest. The 800 ounces you bought at $125/oz ($100,000) are now worth $1.6 million. This retirement nest egg would easily see you through to the ripe old age of 85, and that’s by withdrawing $106,000 a year. Live more modestly, and you could live to 100. Or leave a bunch of money to your kids, grandchildren, or charity.
The Fed is quietly signaling that stocks are overvalued and a recession is almost certain, top economist David Rosenberg says -Business Insider
Investors sent the Dow Jones Industrial Average to a record high on Wednesday after the Federal Reserve signaled that the inflation threat was fading and that it expected to cut interest rates three times in 2024. They may be celebrating too soon, David Rosenberg has warned.
The Fed chair, Jerome Powell, struck a positive tone after the central bank’s latest meeting. He pointed to the pace of price growth slowing markedly in recent months, unemployment hovering at historic lows, and economic output proving resilient.
Yet Rosenberg, a veteran economist who’s the president of Rosenberg Research, said in a pair of X posts on Wednesday that the Fed’s latest growth projection suggested stocks were overpriced and a recession was virtually guaranteed.
https://tinyurl.com/2rd9wv52
OPPORTUNITY TO ACCESS MARK LEIBOVIT’S PROPRIETARY VOLUME REVERSAL INDICATOR – THIS IS THE ONLY PLACE TO DO IT!
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COME ON, DAD. IT’S TIME TO EAT
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