Friday, December 31, 2010
14 Year Winning Streak
If you bought at the close on the last trading day of the year and sold at the open on the first day of the year, you would have made money every year for the last 14 years. I mentioned this last year, and we managed to gap up big on the first of 2010. It tells you the power of fund money in driving the market.
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3 comments:
I remember you wrote that last year, and it indeed proved right.
But don't you think it dangerous to go long over the weekend with such a fragile economy and a rallying market ?
I just think the odds are high that we gap up. I am not making any bets on us closing strong on the first day of the year however. Still think we pullback in the early part of January.
Weird, SPY finished near the highs. The Russels finished near the lows.
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