CHRIS VERSACE: Good morning, Action Alerts Plus members. It is Wednesday, December 28. And we have yet another relatively quiet day for the market. We expect that to be the case over the coming days as we count down towards the end of 2022. And as we get closer to the holiday weekend, we expect things to become even more quiet in terms of economic data and earnings reports to be had. And as a result, we expect trading volumes to become very, very thin.
We could see some bargain hunters emerge, but by and large, we think that we're going to be in a holding pattern. What we and the rest of the market are waiting for are the next set of catalysts in other words, the next batch of economic data to be had when we return from the holiday weekend and eventually the start of the December quarter earnings season. The potential known unknowns, if you will is any and all earnings preannouncements that could come as companies close their books for the December quarter.
Now, members, you know that we've had a somewhat skeptical eye for earnings expectations for the S&P 500 for 2023. And given the economic backdrop, we continue to hear rumblings on that front. Case in point, last week, Micron said it sees in-market inventory gluts not clearing until mid 2023. That's a little later than previously expected. Micron also shared it sees cutting its capital spending plans for not just 2023 but also 2024. Reason being the chip shortage that we read all about in 2022 has turned into a chip glut as companies see weaker demand and cut back their orders.
Now, in the coming weeks, we expect more items like this to come to light reflecting the economic data that we've been hearing about of late. It means that as this news is had, we will continue to update our investment tapestry for what lies ahead. And we expect at some point, the market will come around and do the same. For us, it means staying on the prudent path but in the meantime, building our stock wish lists. So we can take advantage of what we see unfolding in the days and weeks ahead.
Now with that in mind, yesterday afternoon, we waded deeper into the portfolios position in ChargePoint. Without question, the shares have been battered. But they've been battered along with almost every other company in the EV charging and EV space, whether it's Tesla, NIO, Volta, or even Blink Charging. From a technical perspective, this put ChargePoint shares in a very oversold position. Twice earlier this year we saw that. And they proved to be very smart places to buy the shares.
We're also much closer to funds being deployed for the Biden infrastructure law for the buildout of the EV charging network in the United States. And all indications are that consumers and businesses continue to lean into electric vehicles over combustion ones. That tells us that demand is going to remain strong in the coming quarters. It also tells us that the charging pain point between supply and demand, that very much remains intact.
So what we have ahead of us is pretty much a self-fulfilling prophecy. The more charging stations we have should give way to an acceleration in EV adoption, which in turn will drive even more demand for EV charging stations. And we see that being true in the US, in Europe and elsewhere as well. All of those factors combined led us to buy more ChargePoint shares for the portfolio.
And to be clear with members, we continue to see this as a longer term play, not multi-day, not multi week not multi month, but multi-year. Very similar to the way we see the positions in Vulcan Materials, United Rentals and how they too will benefit from infrastructure law spending. That's today's rundown. Thanks for joining us. Have a great Wednesday, and we'll see you back here tomorrow.