AAP Podcast #60 – Market Technicals, the Fed, and More with Bob Lang

As we approach the end of this short first trading week of 2024, we are back with a fresh AAP podcast episode with Chris Versace, who is joined by Bob Lang. The two discuss the fizzle that was the Santa Claus Rally and explain why it’s not a major factor in their investment decision-making process. The conversation shifts to the market action this week and the factors both fundamental and technical driving it.

Bob shares the technical support levels for the S&P 500 that he’s watching, and notes we have a bevy of Fed heads coming that could throw some cold water on market rate cut expectations. Chris reviews this week’s data, explaining why it supports the Fed not rushing to cut rates, and how one item adds another reason to be concerned about earnings guidance when the 4Q 2023 earning season gets underway. As the two discuss, that season begins with bank earnings late next week, with results from Bank of America (BAC), Citigroup (C), JPMorgan (JPM), and Wells Fargo (WFC). We end the conversation talking about the change to the Fed’s voting committee, and how that might influence monetary policy compared to last year.