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My Gut Feeling For Today, December 6, 2023: Down The Stretch They Come

My Gut Feeling For Today, December 6, 2023: Down The Stretch They Come

December 05, 2023

Down the Stretch They Come

It’s been a fantastic year so far for investors, at least our investors at LakeView Asset Management. The cherry on top of the cake was November’s bull run. During that month, the major indexes erased the third quarter pullback and now sit at or near 2023 highs. In December, the S&P 500 (SPX) flirted with the 4,600-index level, missing it by less than one index point. The NASDAQ 100 (NDX) broke through the 16,000-index level. As we head into the last trading days of the year, to quote famous track announcer Dave Johnson, “Down the Stretch They Come.”

Below is Johnson’s call for the late great Barbaro’s 2006 Kentucky Derby victory. A picture of Barbaro, signed by his jockey, Edgar Prado painted by my friend Michael Geraghty hangs in my office in Lake George, where I sit while penning this commentary. If you like horses and horse racing, please visit his site.

Barbaro - 2006 Kentucky Derby

Not Yet Time to Celebrate

As great a year as 2023 is to date, we cannot be overconfident. The reason is simple, we never know what stupid thing Federal Reserve Chairman Jerome Powell will say or do. He delivered heart attacks to the equity markets in December 2018 and December 2022. Thanks to him the SPX dived 9.18% in December 2018 and 5.9% in December 2022. He makes the Grinch Who Stole Christmas look like Santa Claus. I don’t worry about much, but I worry about what JP might say or do in the next three weeks.

Not Staying Complacent

In November and December, I have taken some profits in trading positions, such as Palantir (PLTR) and small losses in some mistakes (the few we had) while letting our winners run like Barbaro. As we say on Wall Street, “Keep your losers small and let your winners run.”  I am also looking ahead to 2024 as I see a change in market emphasis from large caps to small caps. I am not alone in that opinion as many smart people that I know in the investment business (investors and analysts) believe the same. I will be making more modifications to our strategies – Growth, Dividend Value, Index Trading, Consumer Discretionary and Energy – in the coming weeks, as complacency can harm performance.

Looking Ahead to 2024

First let me say publicly congratulate Carly Rothbort on passing her security licensing exams. Now she can interact with existing clients and prospect for new clients. Her emphasis will be on reaching out to Millennials and helping younger investors navigate the complexities of managing their financial wellbeing. If you know any young individuals seeking financial management please refer them to Carly (crothbort-lakeview@kingswoodus.com) who will be working closely with me in managing the asset management business.

 

In 2024 we are planning to offer insurance, alternative investments, and financial planning. Stay tuned as we continue to expand our offerings!

 

On the horizon I will be publishing my annual:

       My Gut Feeling For 2024 – a look back at My Gut Feeling For 2023

       10 Things I won’t Miss About 2023 – here is the 2022 edition

 

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Disclosure: At the time of this commentary Scott Rothbort, his family and/or clients of LakeView Asset Management, LLC was not long  any securities mentioned -  although positions can change at any time.
Scott Rothbort is the President & Founder of LakeView Asset Management, LLC, (LVAM) an investment advisor representative, specializing in high net worth private wealth management. LVAM is affiliated with Kingswood Wealth Advisors Services, a registered investment advisor. For more information on investing with LakeView Asset Management, LLC call us at 888-9LAKEVIEW or request more information by clicking on the contact button on the top right-hand corner of the website. LakeView Management, LLC is a Nevada LLC, with its principal office located in Henderson, NV and branch office located in Millburn, NJ

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