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Markets Melt Higher Ahead of FOMC

Markets Melt Higher Ahead of FOMC

Await the reaction in tomorrow’s tape.

December 12, 2023

Good evening, everyone.

Markets melt higher ahead of tomorrow’s FOMC meeting. The Fed is expected to hold interest rates. I’ll await the reaction in tomorrow’s tape.

The Russell 2000 was the only major index that inched lower. Financials, tech and materials gained more than 0.5%. Energy continues to lag. $XLE lost -1.37%.

New 52-Week Highs led New Lows — 197 vs. 21.

See the full lists here.

The Best of the Best

Rhythm Pharmaceuticals ($RYTM) is the best of the best. The commercial stage biopharmaceutical company propelled +11.79% and closed at an all-time high. $RYTM is up 11.79% since its Nov. 7th earnings release.

Here’s the daily chart.

And weekly chart.

$RYTM has 1,700 followers on Stocktwits.

The Worst of the Worst

Novagold Resources ($NG) is the worst of the worst. The gold exploration company drilled -9.32% and closed at an 8-year low. The stock has dropped -15.78% in the last 2 days.

Here’s the disastrous daily chart.