There is no doubt money is rotating out of the Magnificent Seven and into oversold market niches, but when the market stalls, folks still race back to Technology (XLK), particularly semiconductors and software.

I’m pumped about the action in Materials (XLB) and Industrials (XLI) and surprised about Real Estate (XLRE).

Heat Map

So, the Heat Map looked familiar at the close on Friday.

But here’s the rub – for the year, the Heat Map is a lot greener than the hype over seven stocks one would lead one to believe.

This week’s big news is the Personal Consumption Expenditures (PCE) report. The consensus seemed high, considering everyone, including the Fed, has altered their expectations.

Tis the Season

Christmas is a week from today, and it’s starting to feel like a good time. But I must say the folks at Hallmark have taken this to a whole new level with 40 original Christmas movies.

Portfolio Approach

We closed a position in Technology and added a new position in Technology this morning in the Hotline Model Portfolio.

Today’s Session

There’s a fair amount of second-guessing from Fed officials in the aftermath of Jay Powell’s big gamble.

Perhaps, the biggest problem isn’t how the economy shakes out, but the future ability to jawbone the market one way or the other after lots of folks took it at face value that the Fed would be ‘higher for longer.’

For now, the market is enjoying strong upside momentum that could spark a round of short covering just as tax loss selling abates.

Comments

Holiday Inn would be my first choice. White Christmas my second and Christmas Vacation my 3rd. John Pittman on 12/18/2023 9:35:18 AM

White Christmas Jack Mulhall on 12/18/2023 9:55:43 AM

It's my favorite too ;) Charlotte on 12/18/2023 10:25:22 AM

I agree, it's the greatest of movies at Christmas!!! Remember, don't take the Christ out of Christmas. God will honor you and your family if you remember His Son. Vernon L Foster on 12/18/2023 10:30:26 AM

The facts please ,only the facts . Thank You kemer nelson on 12/18/2023 10:33:04 AM

I’m partial to Bad Santa, myself. Jay Mathewson on 12/18/2023 4:46:53 PM

How the Grinch stole Christmas - original animated version. Miracles happen! Peter K on 12/21/2023 7:49:33 AM

I agree with you. There are many other sweet or funny Christmas movies, but "It's a Wonderful Life" is a true masterpiece. It's an oldie, but goodie and I look for it every year! Merry Christmas to you and your family! Caroline Mozdean on 12/22/2023 2:54:10 PM

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