11/22/23 Who’s In & Who’s Out


Markets slide lower on Tuesday, retreating from overbought conditions

The indexes posted modest losses…

  • Dow Jones -0.2%
  • Nasdaq -0.6%
  • S&P 500 -0.2%
  • Russell 2000 -1.3%
Image from PBS

The FOMC minutes 2 PM drop and didn’t have any effect on the market.

  • There was little new information in the release
  • Wall Street remains convinced the rate hikes are over

Sector Round Up

The sectors barely budged. None move moved more than 1%—4 of the 11 sectors closed higher.

At the top…

  • Healthcare (XLV) +0.6%
  • Materials (XLB) +0.4%

At the bottom…

  • Real Estate (XLRE) -0.5%
  • Technology (XLK) -0.8%

In & Out

Sam Altman, the former CEO of ChatGPT parent OpenAI, is now slated to return to his position.

  • The dramatic firing and rehiring is playing out in real-time
Image from Chicago Door

Changpeng Zhao, billionaire and CEO of Binance, the world’s largest crypto exchange, has stepped down. 

  • He also pleaded guilty to federal criminal charges related to money laundering
  • Binance will pay about $4.3 billion in fines as part of the settlement


Yesterday’s selling was not accompanied by any fear. In fact, the VIX, which typically moves opposite of the markets, fell during Tuesday’s session.

VIX Daily Candles – Chart from thinkorswim

This morning, the fear gauge appears ready to make new 52-week lows.

Your latest readout…


The holiday break is just one trading session away.

After today’s close, markets won’t reopen until Friday, 11/24, for a shortened session.


*Low Float
^Open Position

*DRCT on watch
*SHOT on watch
*ITRM support at $1.60
*OPFI on watch
*MYO resistance at $3.20
RYTM support at $32, resistance at $34
ALKT support at $22
CRESY support at $8.50

Secondary watchlist—float about 100 million

NMRK support at $7.50, resistance at $8
BKD support at $4.50
GPS on watch
support at $18
SID support at $3

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