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11/22/23 Who’s In & Who’s Out

News:

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

Technicals: 

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…

Timing:

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.

Watchlist:

*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
KD
support at $18
SID support at $3

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