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Weekly Stock Market Commentary 1/12/2024

By Lawrence G. McMillan

New 2024 highs have been registered this week for $SPX. The all-time highs for $SPX were set in January 2022. The intraday high was 4818, and the closing high was 4796. Most recently, $SPX has not bettered either of those numbers, but it's not far away. A two-day close above 4800 would be enough confirmation that the next leg of the bull market is ready to take place.

Weekly Stock Market Commentary 1/5/2024

By Lawrence G. McMillan

Heavy selling hit the market this week. Part of that was due to the fact that traders didn't want to sell in 2023, because of the taxes that would be owed. So, they sold in 2024, deferring the tax bill for a year. But there is more to the story than that, as overbought conditions had built up to the point where sell signals are now appearing in numerous places although not in the implied volatility ($VIX) complex.

Weekly Stock Market Commentary 12/29/2023

By Lawrence G. McMillan

Stocks continue to plow higher, with most major indices making new highs for 2023 just as the year is coming to an end. Furthermore, $SPX is just a short distance from its all-time highs, set in January 2022, so new all-time highs seem certain to be attained early in 2024.

Weekly Stock Market Commentary 12/22/2023

By Lawrence G. McMillan

There was finally a correction of sorts this week, as some late afternoon selling on December 20th ballooned into a 70-point decline in a matter of less than two hours. Considering that the market had been more or less straight up for days even weeks and it was thus quite overbought, it was not a total surprise to see something of that nature.

Is $VIX “Too Low?” (Preview)

By Lawrence G. McMillan

The title of this article is a question that seems to be asked in many places recently. We have written about this in the past, and our intention in this article is not to re-hash previous discussions. Rather, in this article, we’ll document periods of time where $VIX got low and stayed low for a long while.