Santa Claus isn’t done yet. Seems he decided to keep the rally alive and well on the stock market today. Want some holiday cheer. Imagine being the holder of shares in Twitter. The stock continues to buck just about every Wall Street opinion out there and head higher.
Volume is pretty light across the board today as most traders are stuck in Christmas overdose. With the lack of volume, the melt up continues across equities. With it, records re in sight for major averages as the year draws to a close. Main street may still be recovering, but it’s a party on Wall Street.
Even the commodities baskets are feeling the post holiday cheer. Gold and silver had been getting hammered due to the taper announcement, but are both logging gains today. News out of China has physical gold demand picking up with the price hit gold took this year.
2013 has been a banner year for the markets. The S&P 500 is on pace to have its best year in 16 years, and the Dow since 2003. The Nasdaq is looking to to break the tp ten best year list since its inception.
Overall you can thank QE for that. Nothing like $85 billion backstopping equities for the year to send it to record highs. Now comes 2014 with QE being tapered. Can the market stand with reduced stimulus and fundamentals. That will be the true test of the bull market.
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