The market fittingly ended the year with furious buying in the final two hours of trading and a close near the highs of the day. That sort of action pretty much defines the way the market acted all year after it hit a low back in March. It has been practically straight up for months so why not end 2020 at all-time highs in the S&P 500?
For much of the day, the trading was sloppy and random but market players look determined to mark up stocks into the finish. Breadth turned positive late in the day with around 4,100 gainers to 3,300 decliners but the action felt manipulated and inconsistent all day.
Next week the focus of the action should shift back to the usual market concerns with the Georgia special election being the first big item on the agenda before we head into fourth-quarter earnings season.
I have no idea what will happen in 2021 but one thing I know for sure about the year ahead is that we are going to have plenty of opportunities for some great trading. I hope you join me in making it the best year ever.
Happy New Year!