Yesterday, the S&P 500 gapped up over 20 points on the open and eventually closed back above its 200 day moving average, which was around 1258. Whether it was the first trading day of the month or optimism about starting a fresh year investors will take it. Generally speaking, moves of this magnitude higher on the first day of the year have lead to short term pullbacks before moving higher.
Keep an eye on the market today as we may be in the process of testing lower levels. As a reminder, the S&P 500 is an unmanaged index. Investors cannot invest directly in an index. Past performance is no guarantee of future results.
Now is a great time to take a fresh look at your portfolio. Please feel free to contact me if you feel I may be able to help.
Eric Marvin, CFP®, CRPC®
JPT010412-031
