December 29, 2023

Markets:

Stock futures were little changed on Friday as Wall Street looked to end a winning year on a high note and possibly a new milestone.

The S&P 500 is up 24.6% in 2023, with Dow rising 13.8%. The Nasdaq Composite has led the way with a gain of 44.2% on the year — on pace for its biggest annual increase since 2003.

All the major averages are also on track to notch their ninth consecutive winning weeks, with the S&P up 0.6%. That would mark its longest stretch of weekly gains since 2004. The Dow and Nasdaq are up 0.9% and 0.7%, respectively, and on pace to clinch their longest weekly winning streaks since 2019.

The story for much of 2023 was the excitement around artificial intelligence fueling big gains for the “Magnificent 7” stocks like Nvidia and Microsoft, which bolstered the indexes even as the average stock struggled amid rising interest rates and fueled the outperformance of the tech-heavy Nasdaq.

But with the Federal Reserve signaling it is likely done with rate hikes and could even cut rates multiple times next year, the 10-year Treasury yield dove from above 5% in late October to less than 3.9% on Thursday. Investors have also grown more confident in a possible “soft landing” where the U.S. economy avoids a recession.

Portfolio:

We enter the last trading session of this incredible year for us holding set-ups in ALT, NIO, RIOT, TSLL, and IQ. Queue continues to ignite but we do expect a bit of swings today, just like yesterday, as folks positions themselves for 2024 and a bit of tax planning here. This type of price action this week has been expected and we cannot wait for the start of the new year and the massive runway we have in front of us. 2024 is truly shaping up to be an even greater year for traders and technicals.

We want to thank you all for a great year and being a part of our community. We're excited for 2024 and all the opportunity it will bring us. Happy New Year everyone and have a wonderful end to 2023 and a beautiful beginning with 2024!