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It was an interesting day on Wall Street yesterday as the Dow gained 215-points while most of the other indices closed flat to negative, yet internally share volume on the NYSE was quite positive. The Nasdaq took a beating both in the index and internally. Small caps lagged and the I-fund did well despite another gain in the dollar. Bond yields rallies again taking the F-fund down early, but bonds battled back late to close near even.

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The New Year started with decent gains and the final two days of the typical Santa Claus rally concludes today. There were no guarantees that the day would be bullish, but one thing we can usually count on during the first week of a new year is volatility, and we got a dose of that early before the bulls took charge. We see the solid gains in the indices but perhaps the big news yesterday was the sell off in bonds. The dollar also rallied sharply after pulling back for a couple of weeks.
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The stock market was stable for most of the day on Friday, the last trading day of the year, but a late sell off spoiled the day to end the year on a sour note. The final day of the year has been on the negative side in recent years - something that almost never happened many years ago. The Dow lost 60-points while the I-fund stayed positive, not as infected by the late selling in the U.S. market. Bonds were up (yields down) and the dollar also dropped.

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Economic Calendar


-- Intrepid Timer

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