The opinions expressed below are my own and do not necessarily represent those of Visdom Investment Group, LLC.
One session left.
The second to last trading day of the year delivered no surprises. Overseas markets rallied modestly although Japan fell small. News headlines were of minor importance. The S&P opened down small and remained close to flat for the session. The yield curve steepened slightly. Markets didn’t fuss much about it though. Bitcoin bounced, metals really bounced, and the 25-bip cut in January is priced at 16%. Capital flow was low again, 60%.
With the exception of precious metals, markets did little. The intraday ranges of trading have narrowed significantly in the last few sessions. Markets are on cruise control. Maybe you could argue investors unplugged from markets just before Christmas but it’s indisputable that they’ve been inactive since. I doubt things will heat up tomorrow.
We’re going through the motions and there’s nothing to do but watch.
See you tomorrow.
-Mike
Visdom Market Commentary
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