Another week in which daily price volatility yielded little net change in stock prices for the overall week, though that slight net change was downward for many stocks.
Again, the downward price bias was the result of investor reaction to inflation/economic reports and how they expect the Fed to respond. After reports of persistent service sector inflation, combined with strong employment figures and strong retail sales numbers, investors remain concerned the Fed will decide it necessary to raise rates higher and hold them there longer than has been anticipated.
Analytics continue to indicate institutional ownership of stocks holds firm, as it did during the end-of-year 2022 slump, so we continue to hold as they do. Very few trades signaled this week, only in Level 3. And we do hold a number of stocks that are bucking the downtrend and still rising, though modestly.
Overall, another rather dull weekly session. Perhaps more corporate earnings reports/forward guidance in the upcoming holiday-shortened week may help move stock prices more significantly.
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