PUT IN WORK (1/22/2024)

The stock market has had yet another incredible trading week, with several larger indices closing at record highs. The Nasdaq (QQQ) ended the week up more than 3%, while the S&P 500 (SPY) ended up an equally impressive 1.2%. Investors look to the market’s future with bright eyes and positivity, but where might we be headed next?

It’s hard to say, but things are looking up as we head toward the end of January. Several of the market’s largest stocks, such as Apple (AAPL), Google (GOOG), Nvidia (NVDA), and even AMD (AMD), have been on an absolute upward tear. Each of these stocks has pushed to or even moved beyond their all-time levels as of this month, with AMD, in particular, having ended last week up a whopping 19%.

This movement is undoubtedly abnormal, and it’s more than possible that a pullback is on the horizon. Still, Nvidia is an example of a stock that has kept climbing despite volatile upward movement that’s lasted nearly a year or so. Investor logic and technicals would suggest that their charge be stopped, but that hasn’t been the case. Things are getting very interesting for investors all around, and things don’t seem like they’ll slow down thanks to future events such as the upcoming election season, which has already had its fair share of ups and downs.

Additionally, earnings season is in full swing as of this week. With many banks having already reported earnings, now is the time for big-name corporations to report. Just this week, we have companies such as United Airlines (UAL), Netflix (NFLX), Tesla (TSLA), IBM (IBM), Intel (INTC), and even more bank earnings to come. Talk of rate hikes and cuts still permeates the market air, and there’s no telling what the Fed may do until the time comes. The next meeting will occur on January 30th and 31st in just about a week and a half.

In other words, it would seem like we’re in for a volatile few months if not a volatile year. We’re living in exciting times, and we hope the good times continue. We look forward to the future of investing.

(Nasdaq ETF (QQQ) price from January 2023 - 2024 — each candle is 1 week. Chart provided by tradingview.com.)

PORTFOLIO UPDATE

Our portfolio moved up along with the market for the most part, but several of our more volatile picks remained flat over the last week. As we head further into earnings season, we’re sure several of our stocks will see substantial movement. We plan to hold all currently owned stocks for the foreseeable future. As always, thank you for reading, and happy investing.