One of the worst years in market history ended on an upbeat note. Even with the positive action today, I doubt there are too many folks who aren't happy to see 2008 in the rearview mirror.
While the action was favorable today, it is likely that there was some very aggressive window-dressing and end-of-the-year positioning taking place. Volume was quite light, but there were some very strong moves in groups such as banks and oils as well as some individual stocks, particularly some small-caps. This action looked more manipulative than carefully considered accumulation, but that is the nature of trading when we are at the end of the year.
The important thing is to not read too much into the action we have on a day like this. It just isn't a good indicator of how things will play out in the next few days.
I want to wish everyone the very best for the new year. I know the market has been miserable for many, but this is a great time to put that behind you and start fresh. I'm really hoping 2009 is not only a prosperous but a joyful year.
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