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Weekly Stock Market Commentary 1/26/2024

By Lawrence G. McMillan

New all-time highs (both intraday and closing) were registered on Friday, January 19th, by $SPX. Since then, $SPX has added onto those gains every day, setting new all-time closing highs each day. It seems that a large chunk of the buying impetus came from short covering and "chasing" by longs who weren't fully invested. But there isn't the euphoria that one might normally expect to see, since many stocks are in far worse shape than the major indices.

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.