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Stocks posted solid gains yesterday as optimism about a benevolent Fed returned. The SEC somewhat reluctantly approved spot Bitcoin ETFs after drawing out the decision to last minute.

Stocks delivered an interesting session yesterday, closing mixed after a zany ride led by Bitcoin… which was led by some as yet unknown source. Traders are getting dizzy with one eye on earnings and one tired, tired eye on inflation and its Fed keepers.

Stocks bounced higher yesterday after positive-ish Fed comments. According to the New York Fed, Americans are lowering their expectations about inflation in the year ahead.

The small cap index was bettered by the major indexes on Friday which managed a close in the green on Friday. The S&P500 was down for the week, snapping a weekly winning streak that started back in November… hmmm.

Stocks had a rough session, closing at their lows, as an ADP jobs report came in hotter than expected. Bond yields have been relentlessly climbing, forcing weak hand holders to sell, accentuating the decline.

Stocks took a bit of a beating yesterday as exhausted bulls watched some of their late-2023 gains melt away. There are still 8.8 million job vacancies in the US, still quite high by historical standards.

Stocks, still recovering from last month’s celebrations, limped into the new year with losses. Manufacturing slipped further into contraction territory according to the latest PMI revision from S&P Global.