The markets posted another positive week (notwithstanding the DJIA) and closed out a very strong January, with the Nasdaq posting its best first month of the year since 2001 – which ironically turned out to be a terrible year for the tech sector. That said, as they say “as goes January, so goes the year,” [popularized by the Stock Trader’s Almanac], shows that since World War II, when the market is up in January, it continues to rise in the remaining 11 months of the year more than 85% of the time.
We shall see, but for now, after an incredibly challenging 2022, traders have shifted their focus to what many deem the positive catalysts on the horizon: China re-opening, warmer winter weather in Europe keeping natural gas prices low, high cash piles to be deployed into the market, the Federal Reserve slowing the pace of tightening, Q4 fund redemptions lighter than feared, portfolio performance resetting with a fresh capital cycle, and inflation coming down off its highs, to name a few.
Here's a SPY update...
And since it's been in the news so much, I also took a gander at Tesla while I was at it.
Finally, if you're interested in updates for META, AAPL, AMZN, NFLX, GOOGL, MSFT, BTC/USD, JPM, GS, and GLD, click here.
