Holiday trading continued today, with the indices finishing slightly higher across the board.
Today the S&P traded in less than a 7 point range, ending the day just a half point higher than its open.
So where’s Santa?
Traders usually expect a “Santa Claus” rally heading into the New Year. According to the Stock Trader’s Almanac, the S&P is up an average of 1.5% between the last 5 trading days of the year and the first 2 trading days of the new year.
But with the S&P lower this week, Santa seems to be catching some ZZZ’s after a busy Christmas.
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Here’s where the major indices ended the day:
- The S&P finished 0.1% higher. Up 2 points, the S&P ended at 2,683.
- The DOW ended with a 0.1% gain. Adding 28 points, the DOW closed at 24,774.
- The NASDAQ was flat. With just a 2 point gain, the NASDAQ finished at 6,938.
- Bitcoin was down 3.4%. Losing $583, Bitcoin is trading at $15,353.
Crude Oil (CL) retreated a little after yesterday’s impressive rally. With a 0.5% loss, CL finished at $59.67.
Energous Corp (WATT) went insane today, closing up 168% after the company won FCC approval for wireless power transmission. Tesla (TSLA) took it on the chin after another analyst expressed concerns about the company’s profit potential. TSLA finished with a 1.8% loss.
Today Disney (DIS) experienced a power issue at their Southern California amusement park. Guests had to be taken off rides and they were working to restore power.
Speaking of Disney, Kim Kardashian is now a shareholder of the company after her husband Kanye West bought her stocks for Christmas. Kim was given 920 shares of Disney (DIS) worth approximately $100,000 and 995 shares of Adidas (ADS.DE) worth around $200,000 and an undisclosed amount of Amazon (AMZN), Apple (AAPL), and Netflix (NFLX).
There are some new concerns out of North Korea, with rumors that they’re now testing chemical weapons (including attaching anthrax to the warheads of missiles). China has begun setting up camps in preparation for defecting North Koreans.
Looking at tomorrow’s economic calendar, we have Unemployment Claims at 8:30am ET, Chicago PMI at 9:45am ET, and Crude Oil Inventories at 11:00am ET.
Source: RockwellTrading by Markus Heitkoetter | Original Link
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