In pre-market, the sp' was moderately higher, and offering new historic highs. Yet, as the market opened, the gains quickly failed. Much of the day was just fractional chop. There was distinct weakness in the closing hour, with the sp' settling -0.5% at 2673.
It was a mixed day for the VIX, seeing a low of 9.95, but then swinging strongly higher as equities cooled into the close.
Even the most hyper bullish recognise the market is due a mini washout. The only issue is 'when'. Seasonally, the market is vulnerable from mid Jan-early Feb'. If the bears can't manage anything then, the next realistic window is not until May/June.
Close, real close: sp'monthly6b
My original year target came to be just 9.39pts (0.35%) above the yearly close, which I'm very pleased with.Yours truly now needs to finalise an outlook for 2018, not just for the sp'500, but rate hikes, and various other issues.
|A glimpse of sunshine on the last trading day. Bullish!|
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Goodnight from London
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