December 2023

The Week Behind In the wake of an apparent Fed pivot, the rotation from the Magnificent Seven to other sectors accelerated. Outperformance belonged to the equal-weight S&P 500 (RSP) and small-caps (Russell 2000), gaining 3.75% and 5.5%, respectively. That being said, the major indices had strong weeks as well, each rising between 2.5%-3%, extending their…

The Week Behind It seems that the market opted for a holding pattern leading up to the final CPI and FOMC meeting of the year. Despite dovish economic readings, major indices recorded only slight gains. However, these small gains felt like a bigger win as they propelled all the majors to achieve new 52-week highs.…

The Week Behind PCE was soft; Powell was dovish; it was a good week for stocks even if the S&P and NASDAQ experienced flat weeks. My optimism stems from the Dow’s 2.5% gain this week. The Dow’s outperformance, following a period of underperformance, indicates the market’s breadth is expanding, which is a positive indicator for…