S&P500 futures are changing hands at fresh record highs on the last trading day of 2017. Could the market close out the year any other way than at a new record high? It will be a fitting end for a year that saw more record highs than any other year since the great round rock boom that accompanied the invention of the wheel in 3,500 B.C.
Round rocks where a great investment back then, and yes if you dropped one it likely hurt your foot. It was a tremendous store of value, until every caveman was chiseling round rocks. Without a Central Bank to buy up all the rocks on the earth, the round rock boom became a big bust.
In 2017 belly's are rounder than ever. The rich richer than ever. And yet the central banks remain steadfast at keeping this recovery going. 2017 is the year market participants came to the realization that downside is just a figment of the imagination.... after all 2016 was just fake news....
That fake bull market finally got real this year.
S&P500 futures have broke the right recent trading range this morning, with a sharp move to record highs.
A fitting conclusion to an amazing year for market bulls.
But what will 2018 bring?
Stay tuned! Have a safe and happy New Year!