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The Monday Morning Playbook: Week of January 8, 2024

2024 starts with a thud

Good morning,

The old saying is “So goes January, so goes the year” and while we’re only one week in, 2024 isn’t starting off to a great start.

The Santa Claus rally fizzled, ending with negative returns in the historically bullish period for the first time since 2015-2016.

In addition, barring a huge rally today, the “First 5 Days Indicator” will also be negative.

So, should we turn cautious on the rest of the year?

I don’t think so for a few key reasons:

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Authors
Scott Brown, CMT