The Market Is “Sitting On Big Gains”
The Market Is “Sitting On Big Gains”: Tom Essaye Quoted on BNN Bloomberg
Markets today: AI mania driving Nasdaq 100’s best run since 1999
The market is “sitting on big gains” and most participants just want the year to end to register those gains, according to Tom Essaye, a former Merrill Lynch trader who founded The Sevens Report newsletter.
“But I’ve been in this industry long enough to know that when everyone seems to be leaning on one side of the proverbial canoe, it pays to move to the middle.”
Warnings about a market that’s flashing overbought signals have been raising concern about a pullback, with some market observers saying that traders have gone too far, too fast in pricing in a dovish Fed pivot.
Also, click here to view the full BNN Bloomberg article published on December 27th, 2023. However, to see the Sevens Report’s full comments on the current market environment sign up here.
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