Stock Market Today: January 8th - 12th, 2024

again, these stats are just some early year indicators that could potentially become some warning signs for the full year, but shouldn't be something traders actually trade on of course.

the FFD indicator alone isn't a very reliable indicator at all for how the full year will perform it's a hit or miss really. but it is worth noting that the full month for jan. has been down the past 4 times following a down FFD, and pretty significantly at that.

 

if you're wondering how the full calendar year has performed following a down SCR (santa claus rally) period and a down FFD (first five days) period, it's actually been higher more than it's been lower since at least 1956

but again, january has seen some pretty steep declines for the full month when those 2 were red to start the year. Q1 overall has been kinda mixed though.

 

it was close, but...







let's see if the full month performance for january will follow the same pattern that we've seen for the past 4 times that we had a down SCR and a down FFD

 

Top of the afternoon StonkForumers! Happy Hump Day to all of you and welcome to the new trading day and a frrrrrrrrrrrresh start. Here is a quick check on those futures as we are over 3 hours into the US cash market open.

GLTA on this Wednesday, January the 10th, 2024!

 

Morning Lineup - 1/10/24 - Big Rally in Small Stocks
Wed, Jan 10, 2024

We’re looking at another flat morning for US equity futures this morning. Last we looked, S&P 500 futures were exactly unchanged, and both the S&P 500 and Dow were little changed. While there’s been little move in equities, US Treasury yields are lower as the 10-year yield has dipped back below 4%.

In terms of economic data, it’s a quiet morning. Mortgage applications surged over 9%, but the only other report on the calendar is Wholesale Inventories at 10 AM. The next major report will not be until tomorrow when the CPI for December is released. While it’s not economic data, investors will also be on the lookout for an announcement from the SEC regarding potential approval for a bitcoin ETF after yesterday’s disastrous turn of events where it was seemingly approved only but then taken back as the SEC claimed its X account was compromised.

In Asia, the Nikkei surged 2%, but most other major benchmarks in the region were lower, and in Europe, equities are just like US futures – flat as a pancake.

It’s now been 50 trading days since US markets made their Q4 lows on 10/27/23. One of the more impressive rallies has been the 20%+ gain in the small-cap Russell 2000. That move ranks as the largest 50-day rally in the index since 2020 and one of only 21 periods in the index’s history since 1979 that it rallied that much or more in a 50 trading-day period. Before the experiences during the early days of COVID, there was one occurrence in March 2019, but before that, you have to go back to 2012.

 

Here is a final look at today's market and futures maps, as well as how each sector performed individually at the close on Wednesday, January 10th, 2024.