The Gilmo Report

January 6, 2021

January 6, 2021 7:09 pm ET

The idea of a Blue Wave as Democrats won Senate seats in Georgia yesterday gave the market a case of the blues this morning. Techs took the brunt of the selling at the open as the NASDAQ Composite Index and the other averages opened down this morning. But the realization that a Blue Wave also likely means trillions more in fresh QE finally overcame the market and stocks began to rally off the morning lows.

Things were moving along nicely until it was reported that protestors had broken into and were occupying the U.S. Capitol building in Washington, D.C. This sent everything into reverse. By the close, the NYSE-based indexes had given up a good chunk of their earlier gains while the NASDAQ ended in negative territory, led by a 1.4% decline in the NASDAQ 100 Index.

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