After chopping wood for two long years, we think it is time to sit back and enjoy the fire as it gets started into 2024. We’ll figure out the macro drivers later, but right now, the action we see since the Oct’23 lows is markedly different from the summer rally that failed in July. Being a “good” overbought, we should still see weakness, but it should be contained, and leadership should be bought. We also walk through the case for buying Disney here.
Monthly MOTR Checkup Video (MMC): “Put Down Your Axe and Enjoy the Fire.”
December 20th, 2023
Related Market Insights
Some of Our Latest Commentary
Charting My Interruption (CMI): “Bullish for Q4, but Head on a Swivel.”
Highlights Market internals are deceptively oversold, setting the stage for a strong Q4'26 seasonal window. We are more than 100%
Weekly MOTR Report (WMR): “Oversold Breadth Bullish for Now.”
Highlights Despite the S&P being essentially at all-time highs, most stocks are down high single/low double digits. This oversold breadth
Weekly Risk Gauge (WRG): “Technology First to Emerge.”
Highlights The LT gauge remains in 'Risk On' while the MT gauge closed in the top half of 'Mixed', creating
Monthly MOTR Checkup (MMC): “The Thread Through the Maze.”
“The Thread Through the Maze.” Presently, there is so much to be bullish about. Presently, there is so much to
Weekly MOTR Report (WMR): “A Rally Before Lower Lows.”
Highlights Oversold conditions still support expectations for a tactical rally, but recent deterioration in breadth has pushed the medium-term Risk
Weekly Risk Gauge (WRG): “Weakness Spills into Monthly Timeframe.”
Highlights The U.S. Risk Gauge downticked in both MT and ST last week, but the LT timeframe remains intact as