Today, Wednesday December 30, is pretty much the reverse image of yesterday’s stock market action.
Traders are having fun–and making money, I’d hope–in the day to day action but I don’t see a trend in this market that might extend into 2021.
So, for example, the Standard & Poor’s 500 was up 0.13% today at the close in New York after falling 0.22% yesterday. The Dow Jones Industrial Average gained 0.24% today after losing 0.22% yesterday. The NASDAQ Composite finished up 0.15% today after using 0.38% yesterday. The Russell 2000 small ca index tracked on 1.05% today after tumbling 1.82% yesterday.
Some exceptions, though, that are worth noting.
Apple (AAPL) shares were down 1.33% yesterday and down 0.85% today. Profit taking after Apple’s strong run, I’d assume.
The iShares MSCI Emerging Markets ETF (EEM) continued yesterday’s strong run, a gain of 1.44%, today with a gain of 1.33%. The driver here was the continued recovery in China’s big Internet stocks. I don’t think Alibaba’s (BABA) days in the Beijing doghouse are over, but the shares of the company got cheap enough to trigger some buying–6.33% yesterday and a further 0.90% gain today. Big competitors TenCent Holdings (TCEHY) and JD.Com (JD) were up yesterday–3.60% and 5.55%, respectively–and were up again today–2.66% and 3.92%, respectively.
The CBOE S&P 500 Volatility index (VIX), which tacked on 6.22% yesterday to 23.05, gave back ground today, falling 1.86% to 22.65.