More follow-on buyers drove stock prices up again, continuing the late year rally that is historically typical of the season.
Investors focused on more economic data that at least for now suggests a “soft landing” is possible rather than a large recession that some have been predicting. Additionally, Fed comments are stoking expectations that interest rate increases are over, and rate reductions may occur sooner in 2024 than previously assumed.
Most stocks were up again, including ours. Most of our long positions either extended their gains or at least shrunk their losses. Our remaining shorts have become unproductive, in a turn-around from just a month ago when they were the source of our gains.
Much remains to be seen in 2024 as to whether a “soft landing” or great recession occurs. In the meantime, we take advantage of the current uptrend – as long as it lasts – to create some profits in what has been a very volatile and frustrating year.
Good to see more “green” (new weekly highs and double-digit gain highlights) appearing in our stocklist, approaching the extent we have been used to over the years.
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