SPY and QQQ going for a gap fill after the 2:00pm announcement. Let's see if they hold up during the 2:30pm presser.
Looks like we are getting a relief rally after the FED, those beaten down growth stocks are having a nice little rally here
Looks like growth stocks have been leading the indices higher for the last hour or so, bank stocks didn't really join the massive move to the upside
Nice reversal in the VIX, and SPY moving up on increasing volume. SPY and QQQ held the 50 sma, so thinking they can touch the top of their channels this month. Note that SPY is pretty much at it already, maybe 1% more upside; meanwhile QQQ has 3% upside there. Seeing the pullback we've had in December, I think the market has a good first 3 months of 2022, continuing to reach the top of the channel. Then by April it starts pulling back, and now it looks like the headline writers can blame it on rate hikes. The December low probably will be re-tested, but as long as it does it after March then the market has potential for a very strong finish to 2022. In spite of 3 rate hikes.
Top of the morning Stockaholics! Happy Thursday to all of you! And welcome to the new trading day and a frrrrrrrrrrrrrrrrresh start! Here is a quick check on those futures as we are just over 3 hours from the cash market open. GLTA on this Thursday, December the 16th, 2021.
The pre-market thread is now up on Reddit for anyone looking for a quick read before today's cash market open. GL to y'all's trading today and rest of this week! https://www.reddit.com/r/StockMarket/comments/rhqo5v/1216_thursdays_premarket_stock_movers_news/
Morning Lineup - 12/16/21 - Fourth Time the Charm? Thu, Dec 16, 2021 Sentiment towards the market may be negative these days, but that hasn't stopped the S&P 500 from quietly hanging around right at record highs. As Yogi Berra would say, "Everyone is selling stocks because they're going up so much." Futures are staging a relatively impressive follow-through this morning in the wake of yesterday's FOMC meeting where Powell and company didn't give the market any surprises. To maintain those gains, though, we have a lot of economic data to get through. Already released were Jobless Claims (slightly higher than expected), Housing Starts (better than expected), Building Permits (better than expected), and the Philly Fed (weaker than expected). On deck we still have to wait for Industrial Production, Capacity Utilization, flash PMI readings for the month of December, and then the KC Fed Manufacturing report at 11 AM will close out the slate of data for the week. That's a lot to digest! We haven't talked a lot about earnings recently, but there are a number of notable names reporting today including Accenture (ACN), Adobe (ADBE), Jabil (JBL), and FedEx (FDX). Of those four, ACN is trading up 10%, JBL is up 5%, and ADBE is trading down 7%. FDX isn't scheduled to report until after the close. Earlier in the week, we referred to it as the market treading water, and that remained the case heading into yesterday's close as the S&P 500 closed right at its recent resistance level once again. As shown in the chart of SPY below, the ETF has managed to trade above $470 multiple times in the last six weeks as it first broached that level on an intraday basis on November 5th. Since then, there have been multiple attempts to break through that level, but all of them have failed. Could today be the day? In pre-market trading, SPY is trading just above $473 which would be close to a record intraday high. If these levels hold throughout the trading day and SPY can stay above $470, it could just be the welcome Santa was waiting for.
Most likely will not be monitoring the market much at all starting from today, all the way through to the first week of January most likely. Admittedly, will be a bit busy prepping for my big Xmas vaca trip next week with the fam. I officially head off on the 22nd, and will be a complete goner 'till NY's day. Don't think I'll be bringing along my laptop so I can have that peace of mind not looking at the market or the forums (not cause I don't love y'all's either! haha.). But, if for whatever reason I did not get a chance to say this in here before then, I will just wish all of you here a Merry Xmas and a very happy, healthy and prosperous New Year ahead! It has been another very interesting year in 'ole equity market land (as seems to be par for the course every year now amirite lol). And also an interesting one for me personally in the IRL as well lol. Ngl here, but I did have quite a bit of a rocky start to my 2021 here (cue my Q1 of this year if y'all's remember lolol) but mostly has turned out to be a positive year knock on the 'ole wood. Happy to say those early year IRL woes have mostly all but ebbed going into this year end which is really pretty cool haha. Thank you all soooo much for all y'all's do in here on a daily basis! Feel like this doesn't get said enough times. It has really been a great pleasure being in here all year round. And not just saying that either, but really do mean this in the most genuine way possible. Can't wait to see what 2022 has in store for us all! Keep on rocking it Stockaholics community! You guys are some really cool chaps to hang around talk markets, trading, investing and all that good jazz! Love y'all's. I'll still be around very sporadically at best (for now) 'till the 22nd, but my posting activities are going to be winding down in a bigly way from now 'till the end of the year. GL to y'all's who are still actively trading things right through year end! Have a splendid EOY to all. And willl be catching up with y'all's soon. Cheers!
France temporarily shuts down nuclear plants - gas and power prices shatter records During routine maintenance, Electricite de France ("EDF") found pipe defects on the safety injection systems for two nuclear facilities; both are shut down awaiting repair. Two additional reactors, using the same technology, will be shut down briefly later this month for inspection. As a result of the outages, EDF has revised 2021 annual EBITDA guidance from "more than 17.7b euros" to "17.5b - 18.0b euros." [lol higher??] Although 2021 guidance was effectively unchanged, shares fell as much as 13% in European trading, as investors weight the impact of lingering outages on 2022 performance. With yet another source of energy offline, European natural gas for January delivery continues its relentless march higher; prices now reaching $44 / mmbtu, Europeans will pay 900% more for natural gas in January 2022 than January 2021. In the US, where natural gas prices have risen almost 50% year over year, consumers are paying less than $4 / mmbtu This price dynamic creates an opportunity for liquified natural gas producers with assets in the US like Cheniere (NYSE:LNG), Total (NYSE:TTE) and Shell (NYSE:RDS.A), who can source gas in the US at $4, transport it to Europe, and sell it for $44. French month ahead electricity prices for January have risen to ~$620 / mwh on the back of the EDF news, compared to average power prices in the US at ~$100 / mwh. With Europe in the midst of an energy crisis, all eyes turn to Russian gas, as consumers look for a reprieve while the Continent begins its energy transition.
Growth stocks selling off again SARK (Short ARK I guess lol) up well over 3% for the day, maybe it is a hedge that you can use if you think high valuation growth stocks are going lower
Retailers getting hit while consumer staples are moving higher Traders might be betting on inflation will cause the consumers to spend less money on other items when prices of the necessities are going up
Yeah up over 4% today A bad year for XBI overall, let’s see if it will have a strong start in January since the beaten down stocks/sectors tend to get some love at the very beginning of the year
Growth outperforming today while value is lagging badly, I guess we are still able to avoid value and growth collapsing on the same day
