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Welcome to 2013! Day One: Rally
Posted By Barry Ritholtz On January 2, 2013 @ 5:45 am In Markets | Comments Disabled
(Updated: Note these now reflect the 6am Futures open — click to see updated version )
The year begins with the market in full melt up mode.
The resolution, albeit temporary, has provided investors with a positive impetus to begin the year, as worst case scenarios were not realized.
Cash holdings, a drag on returns for pros when the market is in rally mode, are likely to get put to work. Expect much of the panicky selling that was in anticipation of much higher capital gains and dividend taxes to also be redeployed back into equities.
More later . . .
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