The opinions expressed below are my own and do not necessarily represent those of Visdom Investment Group, LLC.
Still quiet.
The weekend didn’t inspire investors and nobody appears to be interested in getting long before the end of the year. Futures were flat around midnight, drifted down in the premarket, and the index opened down about 30 points. The S&P wandered around and finished down about 20 points for the day. Yields came in 1-2 bips across the curve. Capital flow was very light at 65%. Bitcoin fell small and precious metals fell hard.
Markets were not very active today. Headlines didn’t compel price action and neither did current investor sentiment. What to say about a situation like this? Nothing. Investors seem to be calling the year early and chilling out while we wait for the New Year.
Considering that trading in the New Year begins Friday, if *something* interesting is in store, it’ll show up on Friday.
I continue to believe that bullish psychology is too widespread and powerful to fade away without a shock. Investors want to lift more offers. I guess they’ll get going after the New Year’s Eve parties.
See you tomorrow.
-Mike
Visdom Market Commentary
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