Gene Peroni's Daily Podcast

The major stock averages may be catching support above their recent lows. Gene outlines estimated support areas for the major indexes. 

Gene discusses good earnings coming from the financial sector. 

Gene discusses how the presidential inauguration will be a pivot point for the market. 

Last Friday's decline, The NASDAQ fell below it's widely watched short-term support level.

Since mid-December the S&P 500 has been zagging on either side of its fifty-day moving average that is a widely watched support level, and currently it stands around 5,940. 

The Stock Market hit the proverbial brick wall yesterday, after rallying from last Thursday's lows.   Also, our thoughts and prayers are those who have been severely impacted by the devastating fires in the Los Angeles area. 

Since late November, portfolio managers have been aggressively shuffling and rebalancing portfolios presumably in anticipation of Trump policies that may be enacted after President Trump takes office on January 20th. 

Last Friday's session exhibited the kind of elasticity that has characterized this market time and again over the years. 

The NASDAQ and S&P 500 breached their pivot lows from December 20th in yesterday's session. 

Stock futures are indicated higher this morning. This was expected after the December sell-off.

The year is finishing on a downbeat note for stocks and this could present a challenging start for 2025, only the NASDQ is holding above its widely watched short term moving average, the Dow Jones Industrial Average and the S&P 500 have breached decisively their respective fifty day average levels...

Gene discusses the the aftermath of the August 5th decline, which correlates to what we are seeing now with the DOW 1,000 point plus drop.

A week can make a big difference.  Last Wednesday we saw a big selling rout with the DOW falling more than a 1,000 points. 

Stock futures are indicating a lower opening this morning. 

Gene discusses yesterday's pull back on the stock market. 

Near term investors or near term traders trying to pinpoint where a pullback might occur could prove to be a difficult or fruitless task.

The stock market may be overdue for a sizeable retreat. Through much of this year the stock market has defied Wall Street adages, seasonal and cyclical trends. 

2024 has been a year of first time evers on Wall Street, first time ever that the NASDAQ crossed above 20,000, first time ever that the Dow Jones Industrial Average hit the 45,000 level, and the first time ever that the S & P 500 has crossed significantly above the 6,000 level.

The Trump Bump continues on Wall Street with the major market indexes driving further into uncharted territory. 

The Magnificent Seven theme is making a technical comeback on Wall Street but not at the expense of other sectors and themes. A number of the growth stocks representing technology, industrial and consumer discretionary are also posting very nice relative strength trends as well. 

Gene has some updated parameters for the major indexes that continue to present an attractive risk/reward ratio. 

Technology is coming back after consolidating over the last several weeks and more.  The FANG stocks and magnificent 7 are showing improving technical form. 

The final month of trading in 2024 is here. Gene observes and comments on the price architecture of many of the leading stocks in numerous leadership categories: technology, industrials and metals/materials

From peak to valley, the Dow Jones Industrial average fell a little bit more than 3% earlier this month. 

Earlier this month I had predicted that the market would be a bit more reactive to day-to-day events, to news events and so on and that has generally proven to be the case.