The S&P 500 is on target for another banner year in 2024, with an advance of more than 20%. The 2024 rally broadened out a bit from 2023, when only a handful of stocks propelled the market higher. In 2024, several sectors outpaced the S&P 500, including Communication Services, Information Technology, Consumer Discretionary, and Financial. Even the Utilities sector rose almost 20%. The average BUY-rated stock under Argus coverage increased 19%, while the average HOLD-rated stock gained 0.5%. Below are the Top-Ten performers from the Argus Universe last year, with representatives from four of the 11 major sectors, as well as the Bottom-Five performers.

Beyond Inc. is the parent company of Overstock, Bed Bath & Beyond, Zulily, and other online retailers. The company's online offerings include indoor and outdoor furniture and decorative items for the home, as well as bedding and bath, kitchen, and dining items. Established in 1999, Beyond initially sold various surplus and returned merchandise through an online marketplace. In 2023, it purchased certain assets from the bankrupt Bed Bath & Beyond. Based in Midvale, Utah, the company has over 800 employees. CONSUMER DISCRETIONARY Our rating on the Consumer Discretionary sector is Market-Weight. The lagged effects from two years of high inflation and high interest rates are weighing on consumer spending, particularly in big-ticket categories such furniture, appliances and home improvement. The creation of the Communication Services sector in 2018 removed companies in areas including theatrical filmed entertainment, publishing, advertising, broadcasting, and cable & satellite communications. We believe that the net impact of the change has been a moderate reduction in Consumer Discretionary EPS growth and a slight boost in the weighted dividend yield. As of the end of September, the sector accounted for 10.1% of the S&P 500. Over the past five years, the weighting has ranged from 8% to 12%. The sector was underperforming the market, with a gain of 13.2%. It outperformed in 2023, with a gain of 41.0%, compared to a gain of 24.2% for the S&P 500. The sector's P/E ratio on projected 2024 EPS was 24, above the market multiple. Yields of 0.6% were below the market average. The sector's smoothed earnings growth rate of 9% was below the market average.

As we enter one of the most-positive times of the year for the stock market, from December 19, 2024, until January 2, 2025, we note that the market has not been kind to average stock as well as many sectors since the latter part of November. Some blame it on tax-loss selling, which is probable. But there are sectors and indices falling from all-time highs, or at least 2024 highs, so there can't be any tax selling there. NYSE breadth on Tuesday was -1,611 as the streak of weak breadth continues. The 12-day NYSE advances/total issues is down to 39%, one of the weakest readings over the past two years. And, once again, the weakest indices were the NYSE, S&P 400, and S&P 600. We see some interesting Commitment of Traders (COT) data as well as some disturbing data (it just depends on which market). We mentioned previously that the major index combined hedger position was quite bearish -- and when we look at two of its index components, we find that the S&P 500 and the Nasdaq 100 hedgers positions are both bearish as the smart money hedgers are at or near their most-negative futures positions. At the same time, large speculators (hedge funds, momentum junkies) are extremely bullish in their futures positions. Large specs tend to be right during a big part of moves higher and lower, but are mostly wrong at major turning points. In the commodity world, the COT data remains bearish for gold and silver but is fairly bullish for copper. Data remains bullish for the U.S. dollar as well as the euro, but fairly bearish for the yen. It is quite bullish for natural gas and mildly bullish for WTI.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.