To The Moon

In my friday article "US market on 09 Dec", I have shared that all 3 Indexes - Thu transaction volume was lower than Wed's. 

It was ironic because market staged a rebound on Thu (08 Dec); whilst it was still falling on Wed (07 Dec).

I had my doubts on a rally's sustainability going into Fri (09 Dec). By now we know that it wasn't meant to be.

Was the Producer Price Index report released on 09 Dec (Fri) the "fallen" catalyst ? 

US Dec 2022 - Producer Price Index (PPI)

Yes and No. Compared to Nov PPI (Actuals), the index remains unchanged at +0.3%. It fell short of market expectations; pegged at +0.2% instead.

And just like that, market fell for the 4th time out of 5 trading days; last week.

Mkt perf 09 Dec / Pre-mkt indicator 12 Dec

Summary :

• DJIA : -0.5% (-305.02 to 33,476.46).
• S&P 500 : -0.73% (-29.13 to 3,934.38). Weakest.
• Nasdaq : -0.7% (-77.39 to 11,004.62). Scrapping barely above 11k mark.

From 5 Dec to 9 Dec, cumulatively :

• DJIA has fallen -2.77%; it worst week since Sep 2022.
• S&P 500 has fallen -3.37%.
• Nasdaq Composite has fallen -3.99%. Worst of the bunch !

Looking at the Indexes' moving average

US 3 indexes - 09 Dec moving average

The technical chart analysis is self-explanatory. The US market is not anywhere near its uptrend momentum.

In addition to the PPI results, there is another bubbling news, ie. investors are waiting impatiently for the CPI results that will be out tomorrow 13 Dec (Tue), 8:30am US time.

Coincidentally, 13 Dec (Tue) is also at the start of the Fed's FOMC 2-days meeting.

Looking at last Fri (09 Dec) VIX index - its closed at a super-nervous +2.42%. In all likelihood, market will continue to be nervous today.

I am certain, the Energy stocks will be a "star" today. This is because Canada's TC Energy has shut its Keystone pipeline after more than 14,000 barrels of crude oil spilled into a creek in Kansas, making it one of the largest crude spills in the US in nearly a decade.

Apart from that, Microsoft $Microsoft(MSFT)$ should have a rally of sort after news of its 4% stake in London Stock Exchange Group  $LONDON STOCK EXCHANGE GROUP PLC(LSEG.UK)$ will be a positive growth for Micrsoft Cloud's platform as a service.

What other stocks do you think will remain in the Green today ? Share your views in the Comments section below ? Thanks.

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