CHRIS VERSACE: Good morning, Action Alerts Plus members. We're going to take a little different approach with today's rundown. Let's zoom out to a few earnings outside of the portfolio that we'll be getting this week. This is all part of our ongoing homework.

As you know, we collect comments from competitors, customers, and, yes, even suppliers for our holdings. Why? Because it helps us continually refresh our thoughts not only on our holdings but also for the broader market.

The first report we'll be watching this week comes after today's market close. And it's going to be from FedEx. The company will talk about its business and offer another view on the current holiday shopping season. But it's also going to give us its take on the economy both in and out of the US ahead of the upcoming December PMI numbers. FedEx will also dish on the latest with freight costs, something called out by Costco as a key driver of its margins when it reported that very strong quarterly report just last week.

Sticking with the consumer, we'll also hear from Nike after the market's close on Thursday. Its results, yes, will be yet another barometer for the holiday shopping season. But it will also give us some insight into the trends for consumer spending in China as well.

When Nike reports, we'll also be interested in what it sees about the dollar. We know the dollar has been weakening. But it's the impact in the current quarter on Nike's business that we'll want to hear much more about. Those dollar-related comments could be very constructive for Cody, Deere, PepsiCo, Applied Materials, and any other holdings with meaningful revenue exposure outside the US.

And, finally, we'll also be dialing into earnings from Micron after the market close on Wednesday. Its comments on the smartphone and PC markets will shape shipment volume expectations for 2024 and also give us a very solid update on how those markets are poised to perform in the current quarter.

Also, too, our shares of Marvell have been on a tear. I'm sure you've noticed. And they are nearing our $62 price target. Micron's comments on the data center market will be another area we focus in on. And it could lead us to revisit that price target, potentially with an upward bias.

Outside of those earnings, we have a keen eye on what Atlanta Fed president Raphael Bostic says today about the timing and size of rate cuts in 2024. Just last week, the dovish Bostic shared he sees just two rate cuts in the second half of 2024. As we know, members, that's a very different picture than what the market is expecting.

When we look at the market narrative and the six, almost seven rate cuts it's calling for-- excuse me-- in 2024 alone, it tells us the market is once again ahead of itself when it comes to Fed policy. Bostic's comments today could lead the market rally to pause. But our thinking is it will take more than just those comments to derail the seasonal strength that is widely expected to unfold in the near term and upcoming Santa Claus rally.

But let's remember, members, the market remains overbought. And that means a return to more normalized technicals for the market is bound to happen. As much as we are enjoying the market's current rally and its impact on our holdings, our forward-looking view has us watching for that normalization to unfold.

When it happens, our plan is to put more capital to work for the portfolio and for you. That'll do it for today's rundown. Have a great trading day, members. And as always, thanks for watching.