PUT IN WORK (11/27/2023)

It’s time for another short issue after a lovely holiday week! We hope everyone had a happy Thanksgiving, and thanks for tuning in once again. The stock market had a decent week despite it being a short one, with the Nasdaq (QQQ) up 0.9% and the S&P 500 (SPY) up 1%.

As we head out of one holiday and into another, investors remain hopeful for a continued year-end rally. Although the market is overbought in the short term, we’ll likely see even more upward movement before the end of the year if investor sentiment remains as positive as it is right now. Furthermore, holiday shoppers broke the one-day holiday sales record on Black Friday. This economic movement could certainly energize investors and encourage them to keep high spirits. Remember that the Nasdaq has also broken above a level it previously failed to back in July, and the S&P 500 is in a similar boat, although it hasn’t truly broken above just yet. Again, it’s more than possible that we’ll see a pullback that fills the gap created by the recent run, but it’s also likely that if this were to occur, we’d see a rebound shortly after the gap is filled.

Either way, putting things into perspective, the stock market has been doing quite well this year. The S&P 500 (SPY) is up 18% since January, so we’re certainly in better shape than before. We’re still in earnings season, with companies such as Okta (OKTA), Snowflake (SNOW), and Ulta (ULTA) reporting this week. Many positive market catalysts are on the horizon, and the performance we’ve seen over the last several weeks only bolsters investor sentiment. We’re excited to see how everything plays out.

(Nasdaq ETF (QQQ) price from November 2022 - 2023 — each candle is 1 week. Chart provided by tradingview.com.)

PORTFOLIO UPDATE

Although some of our stocks inched upward along with the market, others shifted in the opposite direction or stood still entirely. Because of this, our portfolio saw little overall movement this last week. We still believe in each stock in our portfolio, and as such, we’ll hold all currently owned positions for the foreseeable future. As always, thank you for reading, and happy investing.