Major market averages ended the year on a poor note, with each and every major average closing down in an outside reversal following a morning rally. For the most part, however, the week was uneventful, and institutions seemed less interested in "window-dressing" their holdings to the upside into year-end than they did in cutting them back.
As was typical in the latter part of 2017, a weak market close did not necessarily equate to a weak market open the next day. In fact, the market's late 2017 trademark, what Gil refers to as the overnight "futures auto-goose," is evident again this morning as futures are up robustly to start the New Year off.
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