It is only December 4th and the Holiday rally is on. Granted it was only the S&P 500 and Nasdaq that closed at new all-time highs, and there have only been three sessions in December, but new highs are bullish. Right? It is a busy week for economic data and as traders are getting more focused on the next FOMC meeting (December 18th), they are keying in on this week’s employment figures. ADP (not an exact prelude to nonfarms) missed estimates (146k versus estimates of 150k) and revised last mont…

The trend is your friend…..Mood/Momentum and Fundamentals drive price and right now momentum is carrying us, albeit a ~27% up day (~73% down day) in the S&P 1500-SPR Index. Not a complete shocker on the reversion today given the SPX recorded its 54th record day yesterday and its 55th today! With only 18 trading days now left in the year and the market pricing in a December cut, momentum stocks continue to grind us higher, particularly BM7T-Index (The Magnificent 7) into YE. This time around, Eu…

Here…we…go…somehow the last month of the year is here, and everyone is ready for a bit of holiday cheer. The Santa rally will be cited early and often (see what I mean?) but truth be told said rally doesn’t REALLY present itself until the week of Christmas into the beginning of the New Year. That said, December is the most likely month to have positive gains and parts of the equity universe got off to a strong start today. Markets have seen encouraging breadth of late with sectors a bit mixed a…

As families and friends gather to start prepping the Turkey, let us not lose site of Thanksgiving’s ethos, which is a time to reflect, be grateful, and give thanks. Now time to reflect briefly on US Equities as they finished predominantly in the red, with most of the day’s session being mixed, after coming off another set of record highs within the SPR (S&P 1500 Index) and DIJA. US Data came in with no surprises. U.S PCE, GDP and Initial Jobless Claims all in line, on deck for next week we get…

Keep calm and carry on seems to be the mantra these days. The S&P500 melted higher throughout the session to close +57bps and comfortably above $6000, brushing off FOMC minutes that showed a bias towards a more gradual rate cutting cycle. Goolsbee went as far as to say he thinks it would be “perfectly sensible” to slow the pace of easing as he tries to narrow in on a neutral setting for policy. As for our two cents, we would that the minutes dwelled quite significantly on financial stability ri…

It was all about the headlines today as traders had to digest news across multiple sectors, but no headline was bigger than President Trumps appointment of Scott Bessent as Treasury Secretary. The pick was lauded by Wall Street given Bessent deep ties and success in the financial industry. More importantly, his view that the US deficit has reached unmanageable levels and the need to control government spending to reduce that deficit resonates with many investors. He may also be able to take a m…

A sea of green greeted investors at the close today with US equities posting widespread gains and the S&P500 back just 88bps away from its all-time high. At an index level the Russell led gains, followed by the S&P500 equal weighted index, and then the Dow took third place but still closed comfortably up >100bps. Contention over Nvidia’s Q3 report dominated the airwaves as the stock traded on either side of flat but ultimately, investors were assuaged by positive commentary around the highly an…

A mostly uneventful day for US markets as it seemed like traders were taking some risk off heading into tonight’s Nvidia print, cause we all know that if Nvidia disappoints lower we are all going down with it. So, some nervousness around the print is more than reasonable, given the company has increased 195% this year and remains close to another record high. Revenues are expected to be $33.25b for Q3 and analysts are estimating Q4 revenue guidance to be 11% ($37b) higher with the options marke…

What started as a meaningful selloff in futures this morning turned into a bullish bonanza as the Nasdaq lead major equity indices on a march higher. News that Ukrainian armed forces carried out their first strike within Russian territory was alarming first thing but proved to not be as negative as it seemed (Putin had already announced the posture change a while ago). Yields were able to finish off lows, Brent gained an extra +70bps and Gold maintained an +80bps gain. Also, Bitcoin continued t…

After what felt like a constant flurry of activity last week, this Monday helped us ease into this one with a more measured approach. The market default mechanism of recouping any losses/going higher kicked in today but it hardly matched what we saw on Thursday and Friday of last week. Investors remain tentative as they try to flesh out the knock-on effects of Trump appointees and subsequent policies. Concerns about whether tariffs will in fact come into play and to what degree at the forefront…