For those trading last week, things were pretty quiet. There was a little action at the open, but the rest of the trading day was rangebound. This kept the S&P in one of the smallest trading ranges of the year.
Although things were quiet, the major indices hit new records AGAIN (fueled by tax reform), and finished the week with gains across the board.
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Here’s where the major indices ended the week:
- The S&P finished 0.3% higher. Up 8 points, the S&P ended at 2,683.
- The DOW ended with a 0.4% gain. Adding 102 points, the DOW closed at 24,754.
- The NASDAQ was up 0.3. With 23 point gain, the NASDAQ finished at 6,960.
- Bitcoin was down 19.1%. Losing -$3,697, Bitcoin is trading at $15,650.
Bitcoin’s wild ride continued last week!
After trading near $20,000 last Sunday, Bitcoin dipped below $11,000 on Friday. With so much volatility and trading, Bitcoin wallets and brokers were struggling to execute transactions.
Crude Oil (CL) finished the week near highs of the year. With a 1.6% gain, CL ended at $58.28 a barrel.
Looking at the year, if you were buying stocks you probably fared pretty well. The S&P was up almost every month this year, and a 1 point loss in March was hardly a blip on a bull’s radar. The 8-month win streak that followed was the longest monthly winning streak since January 2007. And the DOW closed at new highs over 70 times this year, another record breaker.
The VIX was completely Vixterminated this year. For almost 20 years a reading below 10 was a sign that volatility was on its way. But now it’s rare to see it above 10 these days.
As we close in on a wild but eerily calm 2017, what can we expect in 2018?
It’s tough to foresee what could cause the next sell-off. Looking at the markets, there isn’t much to be concerned about. Even Kim Jong Un is considered a laughing stock at this point.
Consumers are spending. Growth is getting there. And traders seem to love being long stocks. But touching on a little bit of a game theory: the players are on one side of this tape. With sentiment hitting levels not seen since the dot-com era, it would be prudent to evaluate your risk management and stay nimble.
So remember these wise words from Jimmy Kimmel, “One day after the worst day in the history of the stock market, the DOW surged almost 500 points, with one of the largest single-day gains ever. But don’t get too comfortable. The DOW is a little like Britney Spears in a way. Yes, it made a nice comeback, but at any moment, it could chug a Red Bull, shave its head and punch a photographer and we’ll be right back where we started.”
For now, Santa is here and he’s ready to rally!
There usually isn’t a whole lot of action around the holidays as we head into the new year. Here’s what the economic calendar looks like (all times ET):
MONDAY – Markets CLOSED for Christmas.
TUESDAY – No major reports.
WEDNESDAY – Consumer Confidence and Pending Homes Sales at 10:00am.
THURSDAY – Unemployment Claims at 8:30am, Chicago PMI at 9:45am, and Crude Oil Inventories at 11:00am.
FRIDAY – No reports.
Source: RockwellTrading by Markus Heitkoetter | Original Link
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