The Gilmo Report

December 30, 2018

December 29, 2018

Anyone expecting a quiet holiday trading week around the Christmas holiday this past week may have been pleasantly, or perhaps unpleasantly surprised. Records were set on both Christmas Eve and Boxing Day, the day after Christmas, and this was capped off with an equally wild reversal from a -611-point Dow deficit that turned into a 260-point upside move in the last 90 minutes of trade.

In a market where surprises are the norm, perhaps the nutty action over the past week should really come as no surprise. Maybe what was more surprising was the fact that Friday was a relatively benign session, despite the swings back and forth across the unchanged line as the indexes oscillated between the upside and the downside. By the time the dust had settled on Friday, we ended up with a miniaturized version of the rest of the week’s crazy action, as a 243.01 Dow point rally “only” faded into a -76.42-point decline.

 

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