Tuesday, January 23, 2024

❄️A Market Cooldown? Not Yet

Good morning. Markets have finally moved to new all-time highs. And chances are that will...
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. Markets have finally moved to new all-time highs. And chances are that will continue in the coming weeks. That's because stocks tend to continue higher after making new all-time highs, and they just spent the past few weeks testing those highs on the way up.

But it won't continue indefinitely. For now, however, the trend remains higher. For now, traders should scale back trades on the short side of the market, unless it's a stock or sector still in a downtrend right now.

Now here's the rest of the news:

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MARKETS
DOW 38,001.81 +0.36%
S&P 4,850.43 +0.22%
NASDAQ 15,360.29 +0.32%
*As of market close
Markets continued higher on Monday, with the Dow hitting 38,000 for the first time.
Oil rose 2.2 percent, closing at $75.01 per barrel.
Gold dipped 0.4 percent, ending trading at $2,022 per ounce.
Cryptocurrencies slid, with bitcoin at $39,974 at the stock market close.

Today's TOP TIPS
This Sector's Rally Has More Room to Run this Year
Homebuilder stocks have had a strong winning streak lately. The housing market as a whole has been frozen over the last year. Rising mortgage rates have kept existing homeowners from looking to change houses.

That's resulted in most home sales coming from new, rather than existing, homes. And it's allowed homebuilder stocks to soar. Now, with interest rates potentially coming down, they could continue that winning streak in the months ahead.

» FULL STORY

Insider Activity Report: FB Financial Corporation (FBK)
James Ayers, a major holder of FB Financial Corporation (FBK), recently added 2,000 shares. The buy increased his holdings by less than 1 percent, and came to a total cost of $70,580.

Ayers was the last insider buyer with a 6,500 share pickup last August, totaling just under $199,000. Ayers made a dozen buys last year. Two company directors have also bought shares in the past year, with one of them spending just over $401,000 in total.

» FULL STORY

Unusual Option Activity: Transocean (RIG)
Offshore drilling service provider Transocean (RIG) is down 10 percent over the past year, amid a decline in energy prices. One trader sees a rebound in the months ahead.

That's based on the August $6 calls. With 205 days until expiration, 11,794 contracts traded compared to a prior open interest of 205, for a 58-fold rise in volume on the trade. The buyer of the calls paid $0.64 to make the bullish bet.

» FULL STORY

IN OTHER NEWS
Worker Restlessness Increases as Labor Market Tightens

85 percent of professional workers say they're looking to switch jobs, up from 67 percent in 2023. However, companies are offering less increases in pay and office flexibility compared to the past two years, leading to a decline in actual movement among white collar workers.
UBS Predicts Strong Year for Gold

Swiss bank UBS Group (UBS) predicts that gold will rise 10 percent this year, to about $2,250. The metal has been declining in recent weeks, as investors have noted cooling inflation and in anticipation of interest rate cuts by central banks, notably the Federal Reserve, later this year. Geopolitical and market uncertainty will likely contribute to the move higher.
Musician's Union Prepares for Hollywood Strike

The American Federation of Musicians (AFM) is negotiating a new contract with Hollywood producers this week. The 70,000 member union has hinted that it may go on strike if key terms, including increased wages and protection from the use of artificial intelligence (AI) are not met.
Macy's Rejects Buyout Bid

Department store chain Macy's (M) has rejected an unsolicited buyout offer from a private equity firm over the weekend. The buyout was valued of $5.8 billion. That's a premium of about $1 billion from the $4.8 billion value the company carried on Friday's close. Shares rose slightly on the news, and further bidding may occur in the months ahead.
Hackers Breach Microsoft to Find Data on Hackers

Hacking group Midnight Blizzard, allegedly sponsored by the Russian government, has breached corporate email accounts at Microsoft (MSFT), according to the tech giant. The hacker group was specifically looking for information about what Microsoft knows about the hacker group.

S&P 500 MOVERS
TOP
VFC 4.965%
ALB 4.881%
SNPS 4.717%
JBHT 4.459%
WDC 4.072%
BOTTOM
ADM 24.197%
GILD 10.15%
BG 4.23%
CCL  3.982%
AMD 3.472%

Quote of the Day
Multiples rise coming out of economic slowdowns, because investors are pricing in a recovery. If that recovery doesn't materialize, then you do have to question the sustainability of not only holding on to new highs, but making new highs beyond that.
- Matt Stucky, chief portfolio manager at Northwestern Mutual Wealth Management, on why the market may pause now that it's made new all-time highs, as investors digest the latest economic data to ensure the rally can continue.

Sponsored Content
The Best Crypto Opportunity Right Now
Right now you have the chance to position yourself before the rest of the market takes off.

And I've found a cryptocurrency that I believe could easily lead the rest in gains for 2024 and beyond.

Why?

Because it's getting ready to take over a $4.5 trillion industry as the crypto market rebounds.

And, right now, this crypto is trading at a MASSIVE discount.

I'll give you all the details in a Special Report that I recently put together.

From my research, this is (by far) the best crypto opportunity right now.

Click Here for All the Details…


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