The trading year has ended, everyone wonders what 2017 will bring.
The broad market fell on the final trading day of the year, as investors took profits on a light-volume day. The markets are closed Monday for the New Year's holiday, so they now have three days to ponder how they will position themselves as folks return from the holiday period.
The benchmark index SPX closed down 10.43 points at 2238.83, a drop of .5%. Despite the drop yesterday, SPX posted strong gains for both the month, and for the year, as follows:
Most of the year's gains reflect a second-half rally, accelerated by Donald Trump's win in the US Presidential election.
SPX 6 month chart
We have no open positions on this weekend; we were fortunate to be able to exit the January SPY Iron Condor for target gain during the light-volume trading week. We will resume our normal trade plan next week, as long as the market cooperates.
Next week's economic news is highlighted below:
9:45 am PMI Manufacturing Index
10:00 am Construction Spending
8:15 am ADP Employment Report
2:00 pm FOMC Minutes
8:30 am Jobless Claims
11:00 am EIA Petroleum Status Report
8:30 am Monthly Employment Situation Report
8:30 am International Trade
11:15 am Fed's Charles Evans speaks
Trade updates will be posted as appropriate.
As always, stay keen on your risk management and trade carefully,