2024... The Finale...

Bond yields remain a problem... but China is the tail that wags the dog.

Action to Take: Year-end strategies, rising bond yields, and global headwinds create a challenging environment, so caution remains warranted. Since our S&P 500 signal went red on December 10, we’ve noted that markets rarely decline in a straight line. These negative outflow periods often feature technical bounces and short-covering rallies, as we’ve seen over the past week.

Today marks the final opportunity for tax-loss harvesting under the market's new T+1 settlement cycle. Any trades must settle by December 31 to count for 2024 tax purposes, making this the last session for portfolio housekeeping.