STOCK MARKET WATCH -- Tuesday, 27 December 2022

[Tansy_Gold]

STOCK MARKET WATCH, Tuesday, 27 December 2022

Previous SMW:
SMW for 23 December 2022




AT THE CLOSING BELL ON 23 December 2022


Dow Jones 33,203.93 +176.44 (0.53%)
S&P 500 3,844.82 +22.43 (0.59%)
Nasdaq 10,497.86 +21.74 (0.21%)

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Market Conditions During Trading Hours:

Google Finance
MarketWatch
Bloomberg
Stocktwits

(click on links for latest updates)

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Currencies:













Gold & Silver:






Petroleum:

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DU Economics Group Contributor Megathreads:

Progree's Economic Statistics (with links!)
mahatmakanejeeves' Rail Safety Megathread
mahatmakanejeeves' Oil Train Safety Megathread

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Quote for the Day:

I’ve been a Member of the House for nearly 30 years. In that time, there’s not a day that goes by that I don’t feel a profound sense of duty and responsibility to the men and women who sent me to Congress to be their voice. After al, I’m from a part of the country where, in my lifetime, Black people were excluded entirely from political processes. Jim Crow laws prevented my father from registering to vote, and tragically during his life, he never cast a vote.

For generations, the people in communities I represent have struggled to have their voices heard by their government. Therefore, I take my duties and responsibilities seriously, advocating for greater economic opportunity, robust infrastructure, better schools, and safer housing for my constituents.

Congressman Bennie G. Thompson. FINAL REPORT OF THE SELECT COMMITTEE TO INVESTIGATE THE JANUARY 6TH ATTACK ON THE UNITED STATES CAPITOL: Foreword: Chairman. U.S. Government Publishing Office. (c) 2022.

This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

[RussBLib]

1. Bennie was a good choice nt

[at140]

2. I am prepared for SPX to descend to 3300 level during 2023.

Keeping some powder dry.

[bucolic_frolic]

5. Dry powder a good idea

There's opportunities ahead.

I'm buried in an Eastern European mutual fund. I bought it when it was down 80% or so, and it's underwater from there. But it's got no place to go but up. Unless they disband it by merging with another fund, which sometimes happens.

[progree]

3. A little synopsis of the year so far, e.g. S&P 500 down 26.4% in purchasing power

Speaking of stocks, as I write this, this year the S&P 500 is down 19.3% from the end of last year. Including inflation this year, its purchasing power is down by 26.4%.

And bonds, who knows. Just looking at one of my bond funds that has been untouched all year (FXNAX), it is down 12.5%. And yes, that includes reinvested interest payments. With inflation, its purchasing power is down 18.0%.

In the 6 years I've had my charitable gift annuity, it has paid out the same flat dollar amount each year (as per contract), but the purchasing power of the latest payment has eroded with inflation by nearly 25% over those 6 years. So for every $4 that the initial payment was worth is now down to $3 for the latest payment. And unlike stocks, purchasing power never recovers, barring a depression that would obviously be terrible financially in other ways. So lost purchasing power is lost forever.

The same is pretty much true for bonds and other fixed income interest. Newer bonds and CDs are paying out higher than before, but the vast majority of existing holdings pay out the same as before and fall in value, and fall even more in purchasing power.

[at140]

6. Inflation is just another form of tax!

Federal government debt REDUCES in real dollars with inflation

[bucolic_frolic]

4. It's that holiday time of year, when contracts expire on 12/31

Verizon landline was down more than 1/2 the weekend. I think it was an unannounced planned outage due to upgrades b/c it began around 4:30p Friday. They told customers they'd fix it by 8 pm tonight, and fixed it 2 days ago. But it really jumbled up the weekend. Planned on this or that, reconfigured, then reconfigured again.

This 9am Tuesday, AllyInvest is down again. Totally inaccessible. Reported down online, and on Twitter. It's a backup broker for me, but still. No access, and this is not the first time. Not recommended broker by me. It will take me a couple years to wind out of it because there are tax issues, but this is no place to invest. They seem to me to have no slack in their systems for peak periods.

So totally screwed by all this. Customers pay for these things but when they fail to deliver there is no recourse. Same with USPS offices being closed randomly during holiday times.

[at140]

7. Xfinity service was down recently for half a day

So no internet, no TV for half a day. Thankfully Xfinity phone service was working if phone had enough charged battery.