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 haven’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 isn’t a lot of panic in the selling we had on Thursday.
Regards,
Mario Randholm