Abstract
As we enter one of many most-positive instances of the 12 months for the inventory market, from December 19, 2024, till January 2, 2025, we be aware that the market has not been type to common inventory in addition to many sectors for the reason that latter a part of November. Some blame it on tax-loss promoting, which is possible. However there are sectors and indices falling from all-time highs, or at the very least 2024 highs, so there can?t be any tax promoting there. NYSE breadth on Tuesday was -1,611 because the streak of weak breadth continues. The 12-day NYSE advances/complete points is all the way down to 39%, one of many weakest readings over the previous two years. And, as soon as once more, the weakest indices have been the NYSE, S&P 400, and S&P 600. We see some fascinating Dedication of Merchants (COT) knowledge in addition to some disturbing da-ta (it simply depends upon which market). We talked about beforehand that the foremost index mixed hedger place was fairly bearish — and once we have a look at two of its index parts, we discover that the S&P 500 and the Nasdaq 100 hedgers positions are each bearish because the good cash hedgers are at or close to their most-negative futures positions. On the identical time, massive speculators (hedge funds, momentum junkies) are extraordinarily bullish of their futures positions