Monday, December 26, 2022

😀This Hasn’t Happened Since the 1930s—But Bodes Well for 2023

Good morning, and Merry Christmas! With the stock market is closed today, many are still dealing...
It's the monthly jobs numbers today and they're not going to be pretty and will be possibly the tip of the iceberg as we head into May.

Good morning, and Merry Christmas! With the stock market is closed today, many are still dealing with the fallout from the market's steep drop this year. Besides a double-digit decline in stocks, bonds also had a massive decline. That's the first time since the 1930s that both assets have had such a steep decline in the same calendar year.

The good news? Historically, neither asset class has declined at the same time for two years in a row. That indicates that investors may fare better in 2023 – even if it's not right away. For now, the pre-holiday market moves suggest that traders should continue to stay cautious and look for some trading opportunities on the bearish side of the markets.

Now here's the rest of the news:

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MARKETS
DOW 33,203.93 +0.53%
S&P 3,844.82 +0.59%
NASDAQ 10,497.86 +0.21%
*As of market close
Stocks closed slightly higher on Friday, coming off Thursday's big drop.
Oil rose 2.8 percent, closing at $79.65 per barrel.
Gold rallied 0.6 percent, at $1,805 per ounce.
Cryptocurrencies traded mixed, with Bitcoin going for $16,817 at the market close.

Today's TOP TIPS
This New Shopping Trend Could Lead to Big Profits In this Niche
The holiday season has been challenging. Overall spending is up, but not enough to cover the change in inflation over the past year. Consumer savings are down, and credit card spending is on the rise. That could push consumer spending lower. As a major part of the economy, that's not good.

However, there's a niche for retail spending that's been growing tremendously in recent years. And a few companies behind that trend stand to benefit.

» FULL STORY

Insider Trading Report: Dave & Busters Entertainment (PLAY)
Hill Path Capital Partners, a major holder of Dave & Busters Entertainment (PLAY), recently added 535,000 shares. The buy increased the fund's holdings by 9 percent, and came to a total cost just over $17.9 million.

That's on top of a 353,500 share buy made by the fund earlier in the month. That came to a $12.1 million buy that increased the fund's position by 6 percent. Company insiders have generally been buyers this year, with the last sale occurring in May.

» FULL STORY

Unusual Options Activity: Best Buy Company (BBY)
Shares of electronics retailer Best Buy Company (BBY) are down about 18 percent over the past year. One trader sees a bigger drop ahead.

That's based on the March $55 puts. With 80 days until expiration, 6,003 contracts traded compared to a prior open interest of 132, for a 46-fold rise in volume on the trade. The buyer of the puts paid $0.62 to get into the bearish trade.

» FULL STORY

IN OTHER NEWS
Senate Passes Omnibus Bill

The US Senate approved an omnibus bill totaling $1.7 billion in spending late Thursday. The bill avoids a government shutdown and funds spending through next September. It also includes a number of line-items, such as changes to retirement plans, election reform laws, and a ban on TikTok on government devices.
Corporate America Reins in Holiday Bonuses

A staple of the holiday season, 81 percent of corporations surveyed stated that they would freeze holiday bonuses at the same level of last year. A full 27 percent aren't giving bonuses at all, up from 23 percent a year ago. The move comes amid a slowing and increasingly uncertain economy.
Two FTX Associates Plead Guilty to Criminal Charges

Two associates affiliated with failed crypto brokerage FTX have pled guilty to criminal charges. That includes Gary Wang and Caroline Ellison, the former CEO of Alameda Research. The fund received customer funds from FTX for trading purposes.
Bankman Fried Out on Bail

A federal judge has ruled that FTX founder Sam Bankman-Fried can be released on bail. The amount has been set at $250 million. The disgraced former CEO will live with his parents pending trial regarding the fraud behind the collapse of one of the world's largest cryptocurrency exchanges.
Okta Reports Data Breach

IT services company Okta (OKTA) has repotted a breach, whereby a hacker was able to access the company's source code. The company believes that hackers used access to copy code associated with the company's enterprise security solutions.

S&P 500 MOVERS
TOP
APA 5.818%
KMX 4.86%
HES 4.509%
COP 4.314%
HAL 4.209%
BOTTOM
MRNA 4.45%
ILMN 2.498%
DXCM 2.076%
TSLA 2.018%
DHI  1.716%

Quote of the Day
I'm leaning short on the equity markets. The upside/downside just doesn't make sense to me when I have so many … central banks telling me what they are going to do.
- Billionaire David Tepper, founder of Appaloosa Management, on why he sees continued pressure on stocks to head lower going into the new year.

Sponsored Content
[FREE REPORT] These 5 Tech Stocks Have 10x Potential
If you had bought Netflix after the dot-com crash, you could have turned $1,000 into over half a million dollars in profit.

And today – thanks to the text crash – you have a similar opportunity.

Luke Lango just named 5 tech stocks with 10x potential in a new report (one is trading for just $6).

Click here to claim your copy.

(Clicking automatically signs you up for the free Hypergrowth Investing newsletter.)


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