I am typing this shortly before the first regular session of the year begins, and the ES is up 17 while the NQ is up nearly 70. Any bull glancing at the overnight activity must be ready for another year of record highs every day on the S&P 500.
I would hasten to point out, however, that this overnight exuberance has merely undone some of the end-of-year weirdness we saw last week. The 15 minute chart below tells a different story than the 1 minute chart above.
The same 15 minute granularity, however, is far more exciting with the gold contracts. My fondness for precious metals remains firm as we begin this new year, and this is a good start.
I’m wondering to myself when we all get back to work. In other words, this place has been dead as the proverbial door nail since the holiday season began, and I’m not sure if we feel the regular rhythm and flow of people today or, instead, next Monday. I have a hunch it won’t really feel like work has resumed until the weekend is through. Ah, well. For those of you here, have a a good day!