The stock market’s day-to-day movements in reaction to news items or data points that might give some insight into inflation, the Fed’s moves, and whether or not we’re headed toward a recession can be very frustrating… 

In the open trading days of 2023, investors have been reminded of the Fed’s hawkish monetary stance. This has been underscored by the Fed Minutes this week. 

The stock market’s reaction to the content of the Fed’s Minutes, I thought was quite encouraging. 

One session may not provide a reliable stock market outlook, but 10 very well may. Some market statisticians believe the first 10 trading days of January may define the outlook for the remainder of the year. 

Listen to Gene Peroni summarizing 2022 in his latest daily commentary... 

The market action yesterday didn’t change my view that we are essentially in a three-tiered market with those tiers represented by the DJIA, the S&P 500 and the Nasdaq. 

I think the action in the VIX is subject to interpretation. On the one hand I do see the VIX building a base formation in proximity to its current level, but…