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12/11/23 The Soft Landing is Here

News:

Friday’s job’s report showed that hiring has slowed, and the market loved it.

Market’s opened Friday’s session in red. Buyers quickly showed up and pushed prices higher.

The indexes all closed green…

  • Dow Jones +0.4%
  • Nasdaq +0.5%
  • S&P 500 +0.4%
  • Russell 2000 +0.7%

199,000 new jobs were created in November. Though many were UAW strikers returning to work.

That’s below average for 2023…

Chart from WSJ

The figure was “almost perfect” in terms of Fed policy goals, according to a Wall Street Journal article.

Sector Round Up

Most sectors followed the indexes. 

8 of 11 ended Friday’s session with gains.

At the top…

  • Energy (XLE) +1.1%
  • Technology (XLK) +0.9%
  • Financials (XLF) +0.5%

The losers…

  • Utilities (XLU) -0.2%
  • Real Estate (XLRE) -0.2%
  • Consumer Staples (XLP) -0.7%

Technicals: 

The fear gauge reached and closed at a new 52-week low on Friday…

VIX Daily Candles – Chart from Yahoo! Finance

Once again, for those in the back … A VIX  below 16 belongs in bull markets only.

Your latest readout…

Timing:

This week, the market has plenty to digest.

  • Headline Inflation from the CPI report drops Tuesday morning
  • FOMC rate decision is due Wednesday afternoon
  • The final triple witching of 2023 is set for Friday

Watchlist:

*Low Float
^Open Position

*DRCT support at $12
*CHSN support at $5
ALXO support at $10
AAOI on watch
GTHX support at $3
ALT support at $6
APLT support at $3
ASPN support at $11
PRCH support at $2

Secondary watchlist—float about 100 million

NMRK support at $8.50
CLSK support at $9
^IOT support at $32.50, resistance at $35
GPS support at $20
AFRM support $40
S support at $22
LYFT support at $13

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