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Today’s Summary
Friday, December 23rd, 2022
Indices: S&P 500 +0.59% | Dow +0.53% | Russell 2000 +0.39% | Nasdaq 100 +0.27%
Sectors: All 11 Sectors closed higher. Energy led by a wide margin, gaining +3.19%. Health Care lagged but still closed higher by +0.07%.
Commodities: Crude Oil futures gained +2.67% to $79.56 per barrel. Gold futures rose +0.50% to $1,804 per ounce.
Currencies: The US Dollar Index ticked lower by -0.07% to $104.33.
Crypto: Bitcoin inched lower by -0.22% to $16,784. Ethereum was flat and continues to trade around $1,218.
Interest Rates: The US 10-year Treasury yield rose to 3.751%.
**Reminder the US Stock Market & Bond Market will be closed on Monday, December 26th. Happy Holidays!**
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Going back 5+ decades, few years have seen as many 1% daily swings as we have had in 2022 & none have seen fewer days with new highs > new lows.
2008 & 1974 were the most similar. pic.twitter.com/NG9r5ojJEg
— Willie Delwiche, CMT, CFA (@WillieDelwiche) December 23, 2022
Today’s Chart of the Day was shared by Willie Delwiche (@WillieDelwiche). The S&P 500 is down -19.3% with just four trading days left, putting it on track for the worst year since 2008 (-38.5%). This year was especially brutal in terms of persistent volatility and weakness. The orange bars, show the number of +/-1% moves this year, while the blue bars show the number of days where new highs exceeded new lows. As Willie points out, 2022 matched years like 2008 & 1974 in terms of volatility, but even those terrible years had more days where new highs exceeded new lows. There are a lot of ways to quantify a ‘bad year’ but by most measures, 2022 was the worst year since the Great Financial Crisis.
Quote of the Day
“You can tell a lot about a person by the way they handle three things: a rainy day, lost luggage, and tangled Christmas tree lights.”
– Maya Angelou
Top Links
How Did 2022’s Most Loved Stocks By Analysts Fare? – Bespoke
Bespoke points out that stocks with 100% buy ratings at the beginning of the year are down 32% YTD on average.
Welcome to the Santa Claus Rally – All Star Charts
JC Parets takes a look at the Santa Claus Rally, which officially started today.
Day After Christmas NASDAQ & Russell 2000 Up 73.5% Of Time – Almanac Trader
Jeff Hirsch examines how stocks have historically fared the day after Christmas (Tuesday, Dec. 27th).
Ten Questions Every Investor Should Ask At Year End – 2022 Edition! – Market Misbehavior
David Keller discusses the importance of reviewing your performance at the end of the year.
The American Dream – Joe Fahmy
Joe Fahmy shares some words of wisdom to think about over the holidays.
Top Tweets
Final heat map of the S&P 500's $SPY performance from today pic.twitter.com/yxVd3BMYEw
— StockMKTNewz – Evan (@StockMKTNewz) December 23, 2022
Last year's Santa Claus Rally, which did technically end positive due to the first day (12/27)…$SPX pic.twitter.com/G6YCneI0nk
— Ian McMillan, CMT (@the_chart_life) December 23, 2022
Chart of the Day: Health Care stocks setting new relative highs pic.twitter.com/4tzrgNyxdJ
— Grindstone Intelligence (@GrindstoneIntel) December 23, 2022
S&P 500 Consumer Discretionary sector has given up all gains since May 2020
[Past performance is no guarantee of future results] pic.twitter.com/q36aOxjQpA— Liz Ann Sonders (@LizAnnSonders) December 23, 2022
Amazon $AMZN had 59 analyst "buy" ratings at the start of the year and 0 "holds" or "sells." The 24 Russell 1,000 stocks with coverage from at least 8 analysts that had 100% "buys" at the start of the year are down an average of roughly 32% YTD. https://t.co/QuTyPpklSY pic.twitter.com/yZblbMwMxg
— Bespoke (@bespokeinvest) December 23, 2022
So does this count as shooting the generals (market leaders) last in this phase of the bear market?
Tesla sporting an impressive 38% decline in December and 61% decline over 3 months.$TSLA pic.twitter.com/MZK4xyhcK2
— Evan Medeiros (@evanmedeiros) December 23, 2022
$TSLA: 14-Day RSI hit 20 yesterday.
Only happened twice prior in its history:
February’16 and May’19. pic.twitter.com/UB4BzyT00j
— Frank Cappelleri (@FrankCappelleri) December 23, 2022
$AAPL vs. $SPX – This is not bullish for those market cap weighted indexes. pic.twitter.com/SoddcGXrCD
— Larry Thompson (@HostileCharts) December 23, 2022
Is Apple the next to go? pic.twitter.com/Kz56KQkcMf
— Jake Wujastyk (@Jake__Wujastyk) December 23, 2022
This “Santa rally” – is it in the room with us right now? pic.twitter.com/S6UiJ5rBAE
— Blake B. Millard, CFA (@BlakeMillardCFA) December 23, 2022
You’re all caught up now. Thanks for reading!