Welcome to the New Year!
Even with the short week coming in last week it was a delight to see some selling come into the market. We had a nice down day on Thursday when the market dropped over 1%. This was a great way to get us out of the overbought territory. We havenâ€™t broken any major support zones so the market is still bullish going into the new year. The VIX had a nice drop on Friday even though the S&P 500 was actually down for the day. This is a good sign that there isnâ€™t a lot of panic in the selling we had on Thursday.