Daily Market Update – December 29, 2016 (7:30 AM)
Yesterday was a surprise.
At a time when the DJIA nears 20,000, it shouldn’t be too surprising when we see triple digit moves, anymore.
What was 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 seems back to 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.
I have the money to spend, as we look at the final 2 days of trading, but no real reason to do so.
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.