Friends
It was a positive day for stocks, but for some reason it didn’t feel that bullish. Maybe I am just adding my own biases into the equation, but things just feel a little frothy/toppy at the moment. IPO’s are rolling out in record numbers, via SPACs, investors are throwing money blindly at big name investors/business mavens/former politicians, and valuations on individual stocks are bulging. Ok, it’s the holiday season, money is cheap, the Fed is in our corner, vaccines are on the way, and there really are no alternatives to stocks to grow your money, so I’ll just try to enjoy it.
By the close, the Dow Jones Industrial Average was up 104 points to finish the day at 30,173. The S&P 500 was up 10 points to close at 3,702. The Nasdaq Composite Index was up 62 points to close at 12,582. Gold was up $9 to trade at $1,875 per ounce, while oil was down $.10 to trade at $45.66 per barrel WTI.
It’s been such an unusual year, it probably is a good idea not to try to apply past norms and evaluations to today’s markets. But, it just nags at me that we might be borrowing some of next year’s gains a little early. Economic activity should explode next year if we successfully get to the other side of the Covid-19 pandemic, but we’ll find out how much of the economic explosion is already priced into the stocks. Let’s just get 2020 behind us first.
Have a nice evening everyone.
