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Show Notes
Summary of the day
Where do I begin?
Megacaps Mag 7 rallied hard
Meanwhile yields also rallied from Thursday selloff
Breadth still produced more new lows
It’s end of year and everyone is racing to max their bonuses
Put Options are cheap!
And then at 4:36pm after trading has closed, Moody’s downgrades America! Leaving all the buyers this week holding the bag.
They waited as long as they could with that headline/downgrade. It will be interesting to see what happens to the USD and currencies on Sunday.
Hey maybe this downgrade goes overlooked thanks to seasonality. Or… The USD cracks down on the downgrade along with bond prices. Thus sending yields up and risk down.
Breadth
189 new highs
488 new lows (2.5x!)
67% advancing 27% declining
57% below 50 day ma
67% below the 200 day ma
Stuck out
Yields fought back all day while everything was rallying
Strong
Tech outperformance
MSFT is in Dow, nasdaq and s&p. Was up big. Atlas shrugged
Weak
GM and anything EV car related
AFRM
KRUS
VFS
CVNA
What to watch
Tue CPI pre market
Wed VIX expiry
Fri options expiry
Watch mag 7
Watch yields
Economic data
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