The Market Huddle 2024 Year-End Special!
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Dec 24, 2024 The hosts engage in a light-hearted discussion reflecting on the holiday spirit and their adventures. They dive into recent market movements, clarifying misconceptions about gold and the S&P 500. The conversation shifts to inflation, tariffs, and their influence on the economy, touching on concerns over a potential recession. A humorous look at the dynamics of tech stocks leads to a bullish outlook for natural gas. They express gratitude to listeners while injecting festive cheer and sharing Toronto’s twist on a Christmas pub crawl.
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Gamma Pin and FOMC Impact
- The S&P 500's gamma pin acted like a gravitational pull, keeping the index range-bound.
- The FOMC announcement disrupted this pull, like a comet knocked out of orbit.
MAG-7 Masks Market Weakness
- The market's narrow focus on MAG-7 stocks masked underlying weakness in other sectors.
- Active managers, typically underweight MAG-7, faced performance pressures during this period.
MAG-7 Pain for Active Managers
- The MAG-7 rally began after Thanksgiving, causing pain for active managers underweight these stocks.
- This was likened to Julian Robertson's experience in 2000, tapping out due to value trade pain.