SPX Hits 2 Month High

U.S. equities started the year in the green, rising 3% to hit a two-month high on the first day of trading.

Volume was thin, as many people took a 4 day weekend with New Years Day falling on a Thursday (rookies are manning the terminals!).

Still, following the market’s worst annual drop in 8 decades, its better than a sharp stick in the eye.

One last thing: Don’t buy the hype!  Comments like “Stocks are attractively priced” or “Its a new year” are frighteningly ignorant.

The more likely reason is that there is a) no more tax selling, 2) funds have cash to put to work in the new quarter; iii) lite volume means shars can get pushed around. YMMV.

via Google Finance

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