never had an opportunity to look at charts last night ... been crazy busy with work this week that was a pretty awesome reversal on the indices yesterday ... in particular the transports and small cap ... looks like both are sporting a shooting star there. the dj30 and spx with an inside day thus far ... it remains to be seen if this will materialize into any kind of meaningful pullback or turn out to be yet another BTFD. the month of dec. is one of the most bullish trading months out of the entire year ... you'll typically get a little weakness about mid month followed by the traditional "SCR" (santa claus rally)- it is also worth noting that the month of dec. has never been the worst month of the year, ever in history- my guess is that this will probably be short-lived yet again. it's been one for the record books this year that is for sure! spx still w/o a -3% pullback (391 days and counting still!) could be the first time in market history that we haven't seen a -3% pullback for the full year.
Tech getting some love today while the red hot sectors like financial and transport cooling down a bit
quite the chop fest today not really much out there after NFP's to get us moving convincingly in either direction, the SCR officially begins in about 2 weeks, my guess is that the markets will largely chop it up around here through year end ... probably no big selloff/correction ... i believe the FOMC meeting is next week ... likely won't be seeing any surprises there either ... so probably will be quiet for the most part to year end, unless some crazy black swan event were to hit.
A Government Shutdown Could Be Coming. What’s it Mean? Posted by lplresearch Unless Washington can agree on a deal for funding the government by the December 8 deadline, we are looking at a likely government shutdown. But remember, although the Republicans control both chambers of the U.S. Congress, they will likely rely on some Democratic votes to pass the funding needed. So what would a potential government shutdown mean for equities? Per Ryan Detrick, Senior Market Strategist, “Although a government shutdown sounds scary, the reality is it has been a non-event historically for equities. Going back nearly 40 years, the median return during shutdowns has been exactly flat. Not to mention the last shutdown in 2013 saw an impressive 3.1% gain in the S&P 500.”
Watching bitcoin today, amazingly entertaining. Some of these exchanges are probably making several million per day on the spreads here.
