Daily Market Update – December 29, 2016 (Close)
Yesterday was a surprise. Today, not so much.
At a time when the DJIA nears 20,000, it shouldn’t be too surprising when we see triple digit moves, anymore. Maybe what should be more surprising is when there is very little movement, just like today and so many recent days.
What was really surprising was 30 years ago when the DJIA was standing at about 2500 and we were seeing lots and lots of triple digit moves.
Now, 100 points is nothing.
But yesterday was only the second time since the election that we had a triple digit move lower, not as if there have been many of those higher, either.
There really was no reason, except maybe related to some end of the year strategies by people who thought they would out-smart everyone else.
This morning, it seemed back to normal, even as that might not really be very normal.
I’m glad that I had the chance to do a couple of rollovers yesterday, leaving only a single position still in contention for a rollover this week.
What really surprised me today was that while I had the money to spend, I actually spent some, as looking at the final 2 days of trading in 2016 ass some sort o opportunity that would never return.
For tomorrow, I think I will just watch the year come to its happy end and any trades that may come along the way just add to the happiness of 2016.