The Weekend Rip: Where Will the Financials Float Next?

Tale of the Tape

Good evening, folks. We hope you had a restful weekend. 

The market of stocks must have made a new year’s resolution. New Year, New Highs. 🥳

Last week the S&P 500 jumped 1.8% and closed at its highest level in history. The Nasdaq, Russell 2000, and Dow Jones also closed at fresh all time highs. 

Several sectors made new records. Consumer discretionary, healthcare, industrials, and basic materials all broke out to blue skies. 

The cryptos continued to crank. $BTC.X briefly broke through 41K before flushing to prices not seen in the last 4 days. Even Ethereum is encroaching on a new all time high. $ETH.X ticked within 5% of its January 2018 all time high.

Earnings season is near as the major banks will report at the end of the week. Where will the financials float next? Place your bets… 

Here’s the weekly S&P 500 chart:

And last week’s changes: 

S&P 5003,824+1.83%
Russell 20002,091+5.91%
Dow Jones31,098+1.61%

Where will the financials float next?

Last week the financials broke to new highs not seen since prior to the pandemic. The financial Select Sector SPDR ETF $XLF flew 4.8% and closed $0.46 away from its all time high. 

Here’s the weekly chart: 

If we zoom out further you can see that this $30 area was a former high from the summer of 2007.

Check out this monstrous monthly chart:

The major banks kick off earnings season early Friday morning. JPMorgan, Wells Fargo, and Citi are all scheduled to report. Will the banks post positive results forcing the financials higher? Time will tell. 

Solar Safari 🌞

EV stocks have been hot. Is the future? 

Sunreef Yachts engineered an electric safari rover to support a more sustainable travel experience. The company used its knowledge in green tech to transform a Land Rover Defender into an emissions-free EV.

It donated the custom car to the Maasai Wilderness Conservation Trust (MWCT) which works to protect ecosystems and biodiversity in East Africa as well as promote responsible tourism.

Sunreef failed to share any specs but it did say the vehicle was fitted with solar panels developed by the shipyard only used on Sunreef Yachts Eco catamarans.

Sunreef Yachts shared the following statement:

The MWCT brings a fantastic vision to life: working with the proud Maasai community to protect Kenya’s unique natural heritage and wildlife. The definition of responsible travel that the trust promotes is one of a kind and I feel Sunreef Yachts shares the same philosophy. The company’s leading position in sustainable yachting motivates us to share our knowledge and know-how with inspiring partners. The Sunreef Yachts Eco technology designed for yachts is now applied to an electric car. I am happy to witness this evolution and am confident it will lead to more exciting projects.

Sunday Links:

💹 Sunday Reads: Political Conflict & Markets

💵 Online Gaming Platform Roblox Now Planning a Direct Listing on the NYSE

👀 New Bullish Themes Are Emerging

💪 Lift for Show, Eat for Dough*

⃝  tom ford sells tadao ando-designed ‘cerro pelon’ ranch in santa fe

🗽 Exclusive Interview with ‘Humans of New York’ Creator Brandon Stanton

📲 The deplatforming of President Trump

🕸 CES 2021: The World’s Largest Tech Show Trades Las Vegas for Cyberspace

The Week Ahead

And now a brief and well-organized look ahead at the trading week beginning Monday, January 11th, 2021:

Economic Calendar:

  • 1/13 December Consumer Price Index (8:30 AM ET)
  • 1/14 Jobless Claims (8:30 AM ET)
  • 1/15 December Producer Price Index (8:30 AM ET)
  • 1/15 December Retail Sales (8:30 AM ET)

Here’s the full Economic Calendar provided by Briefing

Earnings Calendar:

Be sure to know when your stocks are reporting. Here’s the earnings calendar