Major averages fell yesterday on higher, but below average volume, typical for this time of year. There was a change of character in many leading stocks. For example, NVDA had a bit of a climax run culminating in a high volume outside reversal. Its price definitely got ahead of itself so any members hopefully took profits. Today, it gapped lower at the open, not a surprise given yesterday's price/volume action.
The past two years have seen the final trading week of the year start out on the upside but finish the year with what turned out to be the start of sharp corrections that carried into January of the following year. At this point, this looks to be playing out in similar fashion, although we will have to see how the New Year starts to get a firmer sense of just where this market is headed over the next few weeks.
In the meantime we wish you all a Happy and Prosperous New Year!
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