STOCK MARKET WATCH -- Tuesday, 20 December 2022

[Tansy_Gold]

STOCK MARKET WATCH, Tuesday, 20 December 2022

Previous SMW:
SMW for 19 December 2022




AT THE CLOSING BELL ON 19 December 2022


Dow Jones 32,757.54 -162.92 (0.49%)
S&P 500 3,817.66 -34.70 (0.90%)
Nasdaq 10,546.03 -159.38 (1.49%)

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Market Conditions During Trading Hours:

Google Finance
MarketWatch
Bloomberg
Stocktwits

(click on links for latest updates)

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Currencies:













Gold & Silver:






Petroleum:

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DU Economics Group Contributor Megathreads:

Progree's Economic Statistics (with links!)
mahatmakanejeeves' Rail Safety Megathread
mahatmakanejeeves' Oil Train Safety Megathread

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Quote for the Day:

At Secret Service headquarters, the travel bills in his first few weeks were causing significant discomfort: The agency was going to burn through their $74 million annual travel budget for protective duties far too quickly. Trump’s preference for visiting his own faraway properties wasn’t abating. Fearful of how they would cope, the Secret Service had asked the White House budget office in March for an emergency injection of another $33 million. An internal document explained that the increase was necessary because senior officials’ travel was “extremely variable, difficult to predict and to plan for in advance as many protectees’ travel plans are unknown with limited time to prepare.” The Service budget request didn’t mention that the Service had never made this claim before the forty-fifth president’s arrival—nor that Trump was the person giving them limited time to prepare.

Carol Leonnig. Zero Fail: The Rise and Fall of the Secret Service. Random House. (c) 2021.

This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

[Shermann]

1. Bears & bears & bears, oh my!

[progree]

2. Munich Munich! Yes, the S&P 500 closed below the bear market line for the first time in months

down 20.4% from the January 3 all-time high and down 19.9% year to date.

For the S&P 500, the 20% down line is 3838, easy to remember if you know that 1938 was the year of the Munich "peace in our time" Neville Chamberlain - Hitler et al pact.

The first time S&P 500 closed above 3500: 8/28/20,
3600:11/16/20,
3700: 12/8/20,
3800: 1/7/21,
3900: 2/8/21,
4000: 4/1/21
4100: 4/9/21
https://en.wikipedia.org/wiki/Closing_milestones_of_the_S%26P_500

So with today's S&P 500 close of 3818, it's reversed forward progress index-wise to back to about January 2021, although it has had about 1.7%/year dividends in the meantime, or something like that.

Meanwhile, inflation has reduced the purchasing power of the dollar by 13.8% since January 2021. Meaning today's S&P 500 close of 3818 has the purchasing power of 3291, a level first reached between December 2019 and January 2020.

CPI: https://data.bls.gov/timeseries/CUSR0000SA0

3291 -- let's see, 1932 was the low point of the Great Depression stock market crash

And 1991 was the year of the Telephone Consumer Protection Act of 1991 that gave us the inviolable (sarc) do not call list.

[bucolic_frolic]

3. NKE earnings after the bell

Last edited Tue Dec 20, 2022, 03:17 PM - Edit history (1)

much inventory to be recession offloaded.

Speculative stocks, which is to say 2/3 of them, with poor earnings, growth, and debt, are paying the price in this tax-selling season, tech in particular.

DIS really beaten up. Surprised META is going up again.

Update: I'm short NKE going into earnings. Thinking is there are reports NKE merchandise is making its way to off-price stores such as ROSS. So earning could be not so great.