Light trading volume as 2023 wraps up will continue today. This increases the risk of a big move in either direction for the new year that begins next week.
After Apple (AAPL) won a watch ban pause in its U.S. patent feud against Masimo (MASI), AAPL is the stock to “watch.” It has a good chance of trading toward new highs in the coming days.
Watch the 30-year Treasury bond’s (TLT) rally yesterday. TLT stock gained a decisive 1.77% to close at $100.51. Its breakout range is $110 - $120. The long-term bond yield rise depends on inflation falling and job markets weakening. This would increase the chances of the Fed cutting rates earlier than markets expect.
In the crypto market, watch Ethereum (ETH-USD). Prices rose by 8.95% yesterday in what looks like a catch-up trade. Crypto traders are buying ETH, rotating out of the SoL token and Avax. Those are among the cryptocurrencies that outperformed Ethereum.
Bitcoin’s volatility should move MicroStrategy (MSTR). The stock gained 11.06% on Wed on news that it bought a massive $616 million more Bitcoin (BTC-USD). It now holds around $5.9 billion in BTC.
MicroStrategy is effectively a Bitcoin company that tracks BTC better than a Bitcoin ETF.
