Markets opened the week to more buying, further pushing into overbought territory.

Image from VectorStock

The indexes posted another round of impressive gains on Monday…

  • Dow Jones +0.6%
  • Nasdaq +1.1%
  • S&P 500 +0.7%
  • Russell 2000 +0.5%

Sector Round Up

9 of the 11 sectors closed higher.

At the top…

  • Technology (XLK) +1.5%
  • Communications (XLC) +1.1%
  • Real Estate (XLRE) +0.8%

At the bottom…

  • Consumer Staples (XLP) -0.1%
  • Utilities (XLU) -0.3%

Artificial Intelligence Real World Shake-Up

Tech Giant Microsoft (MSFT) posted a new all-time high close on Monday.

FT montage/Bloomberg

The 2% pop in share price came after it hired Sam Altman, the former CEO of ChatGPT parent OpenAI.

Altman, the co-founder of OpenAI, was abruptly fired over the weekend by the OpenAI board.

  • The reason for Altman’s ousting remains a mystery
  • Over 500 of the company’s 700 employees have threatened to quit as a result
  • The gains added to the Microsoft’s massive $2.8 trillion market cap


The chart below shows just how close we are to new all-time highs for at least one major index.

QQQ Weekly Candles – Chart from thinkorswim

The QQQ represents the biggest 100 stocks in the Nasdaq.

Yesterday’s close put it just 13% off its record all-time highs from November 2021. More all-time highs are now more likely than not in the next six months.

Your latest readout…


We’ll be watching the market reaction to the latest earnings today. Several big retailers are reporting today.

Tomorrow, the market will be on edge, waiting for the FOMC minutes to drop.

The holiday break is just two trading sessions away.


*Low Float
^Open Position

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*MYO resistance at $3.20
RYTM support at $32, resistance at $34
ALKT support at $22
CRESY support at $9

Seconard watchlist—float about 100 million

NMRK support at $7.50
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GPS support at $15
support at $18
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