My friend above had a bit of a party on the first trading day of 2024.
This is the year of the DRAGON in Far East beginning February 10. The Dragon symbolizes power, nobleness, honor, luck, and success in traditional Chinese culture. The Dragon is a supernatural being with no parallel for talent and excellence. The Dragon appears in many ancient cultures with a similar name. One view that the dragon represents spaceships that visited the earth and were described as dragons due to the misunderstanding of technology.
GENERAL NEWS:
Stocks moved mostly lower during trading on Tuesday, extending the pullback seen in the final trading session of 2023. The Nasdaq showed a particularly steep drop, reflecting notable weakness among tech stocks.
The Nasdaq plunged 245.41 points or 1.6 percent to 14,765.94, continuing to give back ground after ending last Wednesday’s trading at its best closing level in almost two years. The S&P 500 also slid 27.00 points or 0.6 percent to 4,742.83.
Meanwhile, the narrower Dow recovered from initial weakness and bounced back and forth across the unchanged line before closing up 25.50 points or 0.1 percent at 37,715.04.
The weakness in the broader markets came as some traders continued to cash in on recent strength, particularly among technology stocks.
Last year, the Nasdaq skyrocketed by 43.4 percent in 2023, while the S&P 500 soared by 24.2 percent and the Dow surged by 13.7 percent.
A steep drop by shares of Apple (AAPL) also weighed on the tech sector, with the iPhone maker tumbling by 3.6 percent to its lowest closing level in well over a month.
The slump by Apple comes after Barclays downgraded its rating on the company’s stock to Underweight from Equal Weight.
Meanwhile, some traders remain away from their desks following the New Year’s Day holiday, looking ahead to the release of some key U.S. economic data in the coming days.
Sector News
Semiconductor stocks showed a substantial move to the downside on the day, dragging the Philadelphia Semiconductor Index down by 3.7 percent. The index continued to give back ground after reaching a record closing high last Wednesday.
Considerable weakness was also visible among airline stocks, as reflected by the 2.5 percent plunge by the NYSE Arca Airline Index.
Software and computer hardware stocks also saw notable weakness, contributing to the steep drop by the Nasdaq, while gold stocks also moved lower despite an uptick by the price of the precious metal.
On the other hand, healthcare, pharmaceutical and biotechnology stocks saw notable strength, helping to limit the downside for the broader markets.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Tuesday, with the Japanese markets closed following an earthquake on New Year’s Day. China’s Shanghai Composite Index fell by 0.4 percent, while Australia’s S&P/ASX 200 Index rose by 0.5 percent.
The major European markets also finished the day mixed. While the German DAX Index inched up by 0.2 percent, the U.K.’s FTSE 100 Index and the French CAC 40 Index both dipped by 0.2 percent.
In the bond market, treasuries extended the pullback seen over the two previous sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 8.0 basis points to 3.946 percent.
Looking Ahead
Early trading on Wednesday may be impacted by reaction to separate U.S. reports on manufacturing activity and job openings.
FOMC MEETINGS 2024
JAN 31
MARCH 20
MAY 1
JUNE 12
JULY 31
SEPT 18
NOV 7
DEC 18
HOWE STREET PODCAST RECORDED DECEMBER 28, 2023
https://www.howestreet.com/2023/12/new-excitement-in-the-bond-market-mark-leibovit/
U.S. DOLLAR
CANADIAN DOLLAR
URANIUM – REPORTS ONLY ISSUED WEEKLY
METALS
COMMODITIES
CRYPTO UPDATE AS OF JANUARY 2, 2024:
https://tinyurl.com/2rd9wv52
OPPORTUNITY TO ACCESS MARK LEIBOVIT’S PROPRIETARY VOLUME REVERSAL INDICATOR – THIS IS THE ONLY PLACE TO DO IT!
https://www.metastock.com/prod
The Rabbit Ears of Unhappy US Taxpayers -Daily Reckoning
by Sean Ring
I’ve lived in Italy for almost 2 years and still can’t speak Italian fluently.
My six-year-old son, Micah, speaks excellent Italian, and his friends’ parents, my peers, are more than happy to ignore me and talk with him.
It saves me a job.
But to improve, I started translating words and phrases I often use. It’s a common strategy to improve speaking ability.
A few Fridays ago, I stood in Piazza San Secondo with my Brazilian-Italian friend, Angelo, whose son plays with Micah. We speak terrible Italian to each other because he’s got to translate his Brazilian-Portuguese into Italian, and I’ve got to splutter through English in my head before any semblance of Italian comes out.
We both just bought houses and got onto the subject of finances. Shaking our heads, Angelo asked me how I was doing. I said, “Niente ma orecchie di coniglio.”
He looked at me quizzically, then his eyes widened, and then he burst out laughing.
Nothing but rabbit ears.
Every married man knows exactly what this phrase means mere seconds after hearing it for the first time.
Usually, it’s with respect to a spendthrift wife, a recently made tuition payment, or a gigantic bar bill.
But now, married or not, male or female, we’re all up shit’s creek together.
While Paul Krugman can’t understand why people are so down on this allegedly thrilling economy, it’s easy to see why.
Banks Are Closing Thousands Of Branches And Retailers Are Shutting Down Thousands Of Stores -The Economic Collapse
If the U.S. economy really is in “good shape”, then why are so many prominent businesses rushing to permanently shut down locations that were once profitable? As you will see below, U.S. banks are closing thousands of branches and U.S. retailers are closing thousands of stores. If a new golden age of prosperity is dead ahead, that wouldn’t make any sense at all. Of course the truth is that most Americans are really struggling in our current economic environment, and conditions are going to get even worse in 2024.
Bank executives can see what is happening, and so they are feverishly trimming costs.
During the first 10 months of this year, banks in the United States closed a total of 2,118 branches…
U.S. banks closed 2,118 branch locations between January and the end of October, according to data from S&P Global Market Intelligence.
Sadly, branches continue to get shut down at a staggering rate.
For example, it is being reported that Bank of America has decided to permanently shut down “nearly two dozen Bay Area branches or ATMs”…
Bank of America has shuttered or plans to shutter nearly two dozen Bay Area branches or ATMs, according to recent filings.
Banks are legally required to report closures to the Office of the Comptroller of the Currency at least 90 days before their scheduled shuttering, so customers will know if they’ll be impacted.
Another way that banks are cutting costs is by laying off workers.
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Former Israeli space security chief says extraterrestrials exist. That statement made quite the stir! The former Israeli space security chief, Haim Eshed, did indeed claim that extraterrestrials exist and that there’s a “Galactic Federation” in contact with Earth. He also mentioned that President Trump was aware of their existence and was on the verge of disclosing information but was advised not to in order to prevent mass hysteria.
FROM 2007 – REP RON PAUL:
IT IS TIME TO REPEAL THE 16TH AMENDMENT – THE ONE THAT CREATES INCOME TAX
THE CASE FOR ABOLISHING THE FEDERAL RESERVE
COME ON, DAD. IT’S TIME TO EAT
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