?? Fed's Final Move of 2024 Keeps Markets on Edge
The articles and information in this newsletter are a summary of yesterday’s trading and related news. They are presented for informational purposes only. Nothing in the newsletter should be taken as investment or trading advice.
S&P 500 6,050.61-23.47 (-0.39%)
Dow Jones 43,449.90-267.58 (-0.61%)
NASDAQ 20,109.06-64.83 (-0.32%)
Market close: December 17, 2024
Breaking News
Fed's Final Move of 2024 Keeps Markets on Edge. ?? Wall Street treads cautiously as the Federal Reserve prepares to unveil its last interest rate decision of the year, setting the tone for 2025. Despite a record-breaking 9-day losing streak, the Dow remains close to historic highs, reflecting underlying market optimism. Reuters reports.
Image source: Wikimedia Commons
EdgeUp
?? Spacestigation: Elon Musk and SpaceX face at least three federal reviews over whether they have complied with federal reporting rules aimed at protecting national security. Reuters reports.
?? MasterBuy: Mastercard said on Tuesday that its board has approved a new share repurchase program, authorizing the company to buy back up to $12 billion of its Class A shares. Reuters reports.
? Starstrike?: Starbucks Workers United said Tuesday that 98% of union baristas have voted to authorize a strike as they seek a contract with the coffee giant. CNBC reports.
?? SalesAI: Salesforce plans to hire 2,000 people to sell its AI products. Yahoo Finance reports.
?? TechDonates: Uber Technologies and its CEO Dara Khosrowshahi each donated $1 million to U.S. President-elect Donald Trump's inaugural fund. Yahoo Finance reports.
?? NisHonda: Nissan and Honda plan to enter into negotiations for a merger to better compete in the rapidly changing automotive industry. CNBC reports.
Top 5 Movers in Early Pre-Market
(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time) Benzinga reports.
1. $PLRZ: Polyrizon
Total gain: +228.57%
2. $VSTE: Vast Renewables
Total gain: +140%
3. $LITM: Snow Lake Resources
Total gain: +53.66%
4. $PRZO: ParaZero Technologies
Total gain: +47.71%
5. $NUKK: Nukkleus
Total gain: +43.09%
Trading Strategies
Bob Iaccino is a chief market strategist and co-founder of Path Trading Partners. He joins us live every Thursday from 9 AM ET for "Pre-Market Momentum”.Integrating RSI For Confirmation
The?Relative Strength Index (RSI)?is a useful tool to pair with Golden and Death Crosses. It helps identify whether a market is overbought or oversold. For a?Golden Cross, look for pullbacks in RSI after it reaches overbought territory. This often coincides with a retracement to key support levels. For a?Death Cross, avoid entering trades when the RSI is deeply oversold, as short-covering rallies are likely. Instead, wait for the RSI to stabilize before entering short positions. In one Tesla example, a Death Cross coincided with an RSI in neutral territory, signaling a balanced market. This provided an opportunity to short the stock when it rallied back to the 200-day moving average and then failed.
?? Read more
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Yesterday’s Biggest Movers
The closing price of the top three market percent gainers trading near or above $3 on December 17.
(All pricing and percent gains are based on regular market trading hours from 9:30 AM to 4:00 PM Eastern Time) Benzinga reports
1. $PRTG: Portage Biotech
Total gain: +163.38%
The stock appeared to be moving on no notable news.
2. $OPTX: Syntec Optics Holdings
Total gain: +94.38%
The stock appeared to be moving on no notable news.
3. $RZLV: Rezolve AI
Total gain: +53.52%
The stock appeared to be moving on no notable news.
Today’s Notable Earnings
(Estimate and Actual numbers represent Earnings Per Share in US Dollars)
MU Micron Technology
Q1 2025
After Market Close Estimate: 1.760
Actual: N/A
LEN Lennar
Q4 2024
After Market Close Estimate: 4.260
Actual: N/A
EPAC Enerpac Tool Group
Q1 2025
After Market Close Estimate: 0.470
Actual: N/A
Today’s Key Economic Dates
Time (ET) / Report / Period
08:30 am Housing starts - November
08:30 am Building permits - November
2:00 pm FOMC interest-rate decision
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Parting Thoughts
“The most important thing to remember is that trading is a business. You have to approach it like a professional.” ― Alexander Elder
Sourced in: “Trading for a Living”, by Alexander Elder, published in 1993
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