Yep that was the ultimate low of 2017 (19770)...As you can see the Dow jumped 100 points off its intraday lows today.....people bought the biggest dip in years today hoping that the Dow surges another 5% by end of the month. From here on in there is absolutely zero risk and all reward....with earnings in focus the markets should catapult about 8% by end of February.... And to think this is the first time in 2017 that the Nasdaq closed down. Imagine that 7 up days this year and only 1 down day for all of 2017....at the rate the Nasdaq is moving expect 10000 by end of this year....Nasdaq will put a repeat performance like it did during the dot com bubble and just rise 89% of the time throughout 2017. No risk all reward for 2017!!!!
Don't forget lots of banks earnings tomorrow morning. Get ready for an easy triple digit move higher tomorrow... Banks earnings only know one way....UP. They borrow cheap money from the fed and loan it out to dumb consumers at 5,7,8,15 and even 32%... We are lucky if we can get a 0.5% return on our savings but wow are they quick to lend it out at 9%....
Fun fact: 64 days without a 1 percent drop in the S&P. Sixty-six was the previous longest, in the summer of 2014 Nasdaq set record highs for a 7 session in a row stretch..... Imagine if it set 7 days in a row new lows!!! The fed would have to do an emergency meeting and cut rates back to 0% Talk about a resilient market....
Lol 99.25% APR I wonder what they were thinking: 'Let's charge 100% APR! Nah, that would be too greedy, let's make it an even 99.25%'
Since 2010 there have been 12 Friday the 13th's. Dow closed up on only four of those, and all four times it was pretty much a flat day. Just thought I'd look and see if there was any kind of streak going. Oh well....Who cares right?