I’ve always said watching the day after the Federal Open Market Committee (FOMC) concludes is the best way to judge how the market felt about the decision. 

Fed Chair Warsh did what the Street wanted, and the market responded favorably. In the process, he gained points that I hope he uses next year to effect change that accommodates Main Street.

Technology (XLK) stocks shook off the latest anti-AI salvo, but the story is too big to go away, and each day, I’m seeing more nebulous reports, with ominous headlines but little detail.

I was happy to see software (IGV) and semiconductors both rally on the same day.

Overall, less than 60% of the S&P 500 (SPX) rallied, which underscores lingering trepidation.

Market breadth was strong, but more stocks fell than rose. Thematically, the tech world enjoyed a strong session, especially in hardware.

Storage & Printing

Dell Technologies (DELL) continues to blaze higher, and Hewlett Packard Enterprise (HPE) has made an impressive straight move higher as well. I’m reluctant to mention 3D printing stocks, but it is an area to watch, as it may be on the verge of living up to the hype more than a decade later.

It would be great to see this momentum pick up. While the doomsday crowd has all the attention each day, the AI Revolution gets stronger.