By: Tom Gentile
on November 24th, 2023
We are a day past Thanksgiving, yet it is still good to point out the month of November produced another month of performance we should all be thankful for.
We have another week to go before we close the books on November’s performance, but thus far it has done well for the bulls. It has helped recover a good part of the losses the market experience in the August through October slide.
I’ll reiterate what I write for others earlier this week: November is historically one of if not the best performing month for the markets. The S&P 500 has averaged 1.7% for the month going back to 1950.
This, according to my friend Jeffrey Hirsch’s Stock Trader’s Almanac.
S&P 500, which is considered by many, the benchmark index even over the Dow Jones Industrial Average has only declined for the month just once in the past 11 years (2021).
In the past five years, the S&P 500 gained 4.1% on average.
Per MarketWatch, the S&P 500 index exited correction territory on Monday, and it was less than 1% away from its 2023 closing high set on July 31. It will be nice to see if it can attack that over the remainder of 2023.
Hope Your Thanksgiving Went Well
I hope your Thanksgiving plans went off without a hitch UNLIKE mine (and I am chuckling at my situation as I type this).
In my recent podcast with my trading colleague and fiend Chirs Johnson I talk about how my wife and I went to Costco, spent hours in line buying tons of food only to get home and stock multiple of our refrigerators full of all that we bought only to have a freezer door not close all the way resulting in all the meat in that fridge getting ruined/spoiled.
This resulted in us having to truck it back out to Costco to repeat that whole process over again. Chris said he was looking at Costco and thinking he might need to go buy some stock due to my story as it may have happened to others and Costco could be lining their pockets with more of the consumers dollars as a result. *This is not a recommendation to buy Costco.
Check out my podcast – links provided below and see what we are thinking regarding the markets to finish the year.
Profit Strategies Podcast
My most recent podcast can be found on my YouTube channel: Please subscribe for free to get notified when I post up my latest educational market education and outlook.
The video, which is the latest Profit Strategies Podcast with Chris Johnson, and can be viewed here:
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