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): “When Mr. Market Speaks, We Listen.”
Highlights We have recently advised two things: the market was very oversold and should rally, and if that rally checked
Weekly MOTR Report (WMR): “More Cracks in the Fragile Foundation.”
Highlights Market structure continues to weaken, increasing the possibility that lower lows will be flushed out before conditions stabilize. As
Weekly Risk Gauge (WRG): “MT Downtick as Defense Climbs.”
Highlights The U.S. Risk Gauge medium-term timeframe has downticked to 5, deeper into 'Mixed' territory, while the long-term gauge remains
Charting My Interruption (CMI): “Too Late for Bulls, too Early for Bears.”
Highlights We have been closely monitoring the quality of market action as the S&P scores new highs, and we don't
Weekly MOTR Report (WMR): “Don’t Look Now, but Software is Back!!””
Highlights Software is re-emerging as a leadership theme after years of severe underperformance versus semiconductors, a trend that actually began
Weekly Risk Gauge (WRG): “Focusing on Change at the Margin.”
Highlights The U.S. Risk Gauge remains oversold, with the ST timeframe in