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12/28/23 It’s Open Season

News:

Wednesday’s session ended with another day of gains … Albeit modest gains.

The indexes were all green at the close.

  • Dow Jones +0.3%
  • Nasdaq +0.2%
  • S&P 500 +0.1%
  • Russell 2000 +0.3%

The S&P 500 gained about 7 points—just 14 points away from a new all-time high close.

Meme from Mission 25

Traders Are Back

Select stocks, many with a low float, exploded higher on Wednesday. 

The evidence supports our conclusion—Traders have flooded the market, and it’s open season for active day traders. 

Our watchlist added lots of names and will be trimmed by the weekend. 

Sector Round Up

The sectors failed to produce a gain (or loss) in excess of 1% for a second day in a row.

8 of the 11 sectors finished higher.

At the top…

  • Real Estate (XLRE) +0.7%
  • Consumer Staples (XLP) +0.5%
  • Healthcare (XLV) +0.2%

The losers…

  • Technology (XLK) -0.0%
  • Utilities (XLU) -0.1%
  • Energy (XLE) -0.4%

Technicals: 

Our trusty fear gauge says all is quiet, and the bulls are in charge.

VIX Daily Candles – Chart from thinkorswim

The VIX is hovering near 3-year lows while the S&P 500 flirts with record highs.

However, things are starting to get a bit out of balance.

Your latest readout…

Timing:

Two trading days remain in 2023.

Tomorrow, we’ll deliver your final daily update. The new year will bring a new format to this newsletter.

Watchlist:

*Low Float
^Open Position

*GREE support at $8
*SDIG support at $10
*ANVS resistance at $20
*IMMX support at $6.50, resistance at $7.50
*PTN support at $3.50, resistance at $4
*MIGI support at $3.50
*ANY support at $3.50
*OPFI support at $4.50
*PLSE support at $12, resistance at $13
*SHFS support at $1.20
OUST support at $8
DGHI support at $2.25, resistance at $2.50
EWTX support at $11
NKTX support at $5
FUSN on watch
ALT support at $10
ARBK resistance at $3.50
^CIFR resistance at $5
LQDA support at $10, resistance at $11
ABSI on watch
ASPN on watch
BKKT support at $2.25
PRCH support at $3, resistance at $3.50

Secondary watchlist—float about 100 million

ESPR support at $2.50
RKT
support at $15
NMRK support at $10
AUTL on watch
CLSK support at $12
UP on watch

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