Last week’s reaction to inflation data might have been more tied to investors awaiting the 4th quarter earnings reporting season than it was to actual concerns and worries about the Fed’s next steps. 

Resiliency is the key feature in this market, and this is something that we’ve been seeing time and again, especially since the bottom in October 2023. 

My recent commentary might well be construed to convey a message of dismissiveness with respect to the opening days of 2024, and how the end of the year might go. 

Happy 2024! This year marks my 50th full-time year in this business. 

I want to take this opportunity to wish every a very Merry Christmas and Happy Holidays; may it be a very special time for all of you! 

Several years ago, just before the outbreak of Covid, I mentioned an ultimate target for the DJIA of 42,000.