The Month of January is often a genetic mutation spawned from Dr. Jeckle and Mr. Hyde. Throw in a pinch of Sybil and Dracula at the 21st Chromosome, and you have created a January. They sneak up on you. A week, two or even three quiet weeks start the year off in hope of quiet desperation, until out of nowhere, all hell breaks lose. January 2020 started yesterday.
At 5:30pm the previous night, Iran set off some fireworks choreographed to impress its people, but to not do anything to instigate President Trump into pushing 52 sequential buttons. Iran even picked an airbase (al-Assad) that is not owned by the US.
As missiles flew over the desert, the E-minis fell faster than the bombs on reentry. At the low, the Minis were 50 points lower, signaling a -500 Dow day in the morning. After President Trump and his team got status hearings indicating that not even a desert mouse was killed in the launch of 1 missiles, the Minis started to climb again.
By the open, the Minis were nervously fidgeting around the unchanged line.
On the open, the SPX bounced between 3,237.50 (unchanged) and 3,247.50 (+10) waiting for President Trump to address the nation. Speculation about the content of Trump's speech was optimistic and dead on.
Market this in your calendar: “On January 8, 2020, the media got one right”. I bash these people so much that I owe acknowledgment when they get one right. This sent the SPX to hit inter-day highs of $3,267.07. Yes, this is a new all-time high. The previous day, people thought the bull market was going to be a casualty of war, and the next day, we hit new highs led by AAPL (+4.80), NFLX (+8.51) and TSLA (+23.08).
A last minute sell program took $10 points off the highs of the SPX until cash closed, but went right back higher at 3:01pm Chicago time.