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This is the closing report for the week ending January 19th, 2024

It was a huge week for risk appetite. The annual Davos confab came and went chock full of artificial intelligence. The only thing missing was Ray Dalio telling everyone "Cash is trash", the absolute guarantee for impending market crash.

Today was monthly options expiration, and the theory is that stocks will "free up" after opex and then zoom to new all time highs. Here is a close-up chart of Nvidia showing that three months in a row this stock rallied from the start of the month to the middle off the month and then tanked into the end of the month.

Zooming out, we see that Tech stocks went late stage parabolic this week, capping off a full year of AI buffoonery:

"The mood of the global elite meeting in Davos, Switzerland, is a useful indicator for investors—as long as they do the opposite"

"When the elite are depressed, buy. When they’re positive, sell. When they’re focused on crypto, as in 2021, get out. This year it was impossible to move in the snow-blanketed resort without having artificial intelligence pushed at you."

The chart of the day today was the continuing and ignored utter obliteration of Chinese stocks which accelerated this week. Once again, the Chinese government is panicking and trying to prevent further carnage, but as it was in 2015, nothing is working.

"Chinese shares have extended declines this year with no sign of a let-up after a harrowing 2023, heading for their worst start to a year since 2016"

FR: It's clear that Nvidia gamblers have ZERO recollection of January 2016 when global markets were forced risk off by uncontrolled selling in Chinese stocks.

The key point this week is that amid record global and domestic market divergences, the S&P 500 made a new all time high.


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