Discussion ***Official*** 2024 Stock Market Thread 💰

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FelixDeCat

FelixDeCat

Lifer
Aug 4, 2000
29,545
2,220
126
I wonder if we will get continued momentum upwards or if the beginning of a sell off is in the works. The first inflation reading in January should be telling.
 
AdamK47

AdamK47

Lifer
Oct 9, 1999
15,489
3,200
136
Nasdaq futures down 1% to start the year. Bitcoin has been somewhat of a leading indicator. That's up 7% since yesterday evening.
 
FelixDeCat

FelixDeCat

Lifer
Aug 4, 2000
29,545
2,220
126
AdamK47 said:
Nasdaq futures down 1% to start the year. Bitcoin has been somewhat of a leading indicator. That's up 7% since yesterday evening.
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I've been watching MARA since $11, now 25, high 31. Scary valuation for BC stocks right now IMO, but you never know.

Once the BC ETF starts, what will be the next catalyst?
 
AdamK47

AdamK47

Lifer
Oct 9, 1999
15,489
3,200
136
AI

CES is in a week and I'm sure everyone presenting will have something centered around it. I anticipate an up day for tech stocks.

Personally, I'm looking forward to all the nifty ways grifters will be using the technology.

AAPL downgraded by Barclays. Currently down over 3%. MSFT also down by 2%. Wedbush predicted earlier today that the Nasdaq will be hitting 20,000 led by Apple and Microsoft.
 
IronWing

IronWing

No Lifer
Jul 20, 2001
70,110
28,709
136
Backdoor Roth question: I know the backdoor gets one around the income eligibility limit for Roth IRAs. Does it also get around the contribution limit? Could one roll $20,000/year into a Roth?
 
repoman0

repoman0

Diamond Member
Jun 17, 2010
4,684
3,694
136
IronWing said:
Backdoor Roth question: I know the backdoor gets one around the income eligibility limit for Roth IRAs. Does it also get around the contribution limit? Could one roll $20,000/year into a Roth?
Click to expand...
Sure, if you already have the $20k in a traditional IRA and want to pay taxes on it this year as income. The conversion allows you to dodge the 10% early withdrawal penalty but you have to pay back the original tax breaks and taxes on profits.

Backdoor Roth is just a Roth conversion where you contribute to a traditional IRA and convert it right away, and never take the tax break. The usual IRA max contribution applies each year. Figuring the taxes gets annoying unless you have no other traditional IRA assets.

If you have a 401k plan that allows for after tax contributions then you can set it up as a mega backdoor Roth and shovel $69k into it (between all 401k contributions combined, including the regular $24k and employer contributions). My wife’s has that option but mine doesn’t despite both being administered by Fidelity.
 
B

bookem dano

Senior member
Oct 19, 1999
245
8
81
repoman0 said:
Sure, if you already have the $20k in a traditional IRA and want to pay taxes on it this year as income. The conversion allows you to dodge the 10% early withdrawal penalty but you have to pay back the original tax breaks and taxes on profits.

Backdoor Roth is just a Roth conversion where you contribute to a traditional IRA and convert it right away, and never take the tax break. The usual IRA max contribution applies each year. Figuring the taxes gets annoying unless you have no other traditional IRA assets.

If you have a 401k plan that allows for after tax contributions then you can set it up as a mega backdoor Roth and shovel $69k into it (between all 401k contributions combined, including the regular $24k and employer contributions). My wife’s has that option but mine doesn’t despite both being administered by Fidelity.
Click to expand...
I believe the taxes need to be paid out of pocket, if you pay them out of the moved money it is seen as an early distribution and penalized.
 
AdamK47

AdamK47

Lifer
Oct 9, 1999
15,489
3,200
136
AdamK47 said:
AI

CES is in a week and I'm sure everyone presenting will have something centered around it. I anticipate an up day for tech stocks.

Personally, I'm looking forward to all the nifty ways grifters will be using the technology.

AAPL downgraded by Barclays. Currently down over 3%. MSFT also down by 2%. Wedbush predicted earlier today that the Nasdaq will be hitting 20,000 led by Apple and Microsoft.
Click to expand...
NVDA up 6.43% and AMD up 5.48% today ahead of the official start to CES tomorrow. My VGT is up 2.55%.

AI something something.
 
Artorias

Artorias

Platinum Member
Feb 8, 2014
2,145
1,431
136
AdamK47 said:
NVDA up 6.43% and AMD up 5.48% today ahead of the official start to CES tomorrow. My VGT is up 2.55%.

AI something something.
Click to expand...
Watching Nvidia go from $150 to $522 in the last year is mind boggling.

Congrats to everyone who bet on that horse.
 
AdamK47

AdamK47

Lifer
Oct 9, 1999
15,489
3,200
136
Core rate of inflation rose 0.3% in December. 3.4% vs 3.1% in November. They probably won't be doing as many rate cuts as the market has priced in.
 
FelixDeCat

FelixDeCat

Lifer
Aug 4, 2000
29,545
2,220
126
The Jetblu and Spirit drama is fun to watch. Jblu stabiled after crashing but Spirit can't find a bottom. 😱
 
Charmonium

Charmonium

Diamond Member
May 15, 2015
9,950
3,157
136
Well, according the Bloomberg, the market had priced in 6 quarter point rate cuts for this year. Considering that inflation ticked back up slightly last month, that doesn't seem at all likely.

But the Fed is on the right path and monetary interventions are notoriously hard to gauge. They also tend to take their own sweet time in manifesting.

But the Fed will cut this year and as noted, the market will rally. My personal prediction is that, at some point in the year, we'll see a significantly overbought market.
 
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