And sure, the old song has been used to describe the selling in today’s markets:
Market Recap: Monday, January 4
Stocks fell Monday in the first session of 2021, as concerns over a post-holiday spike in virus cases compounded with uncertainty over the outcome of the Georgia Senate runoff elections.
Stock Market Today: Stocks Stumble Out of the Blocks to Start 2021
The 2021 trading year got off to an inauspicious start, with the major indices lurching lower Monday amid peaking political uncertainty and continued COVID-related pressures.
GLOBAL MARKETS-Stocks drop as virus cases rise; gold rallies
Can you see the common trait here? The common message in today’s news? Yes, it is all old news. The markets sold-off today but the media failed to find any reason or catalyst for this selling. So the old song has been used to describe markets shaking the weak hands. Volatility is normal and to be expected. We rallied a lot last two months, a pullback was needed. Typically, if we rally into the close of the year, then, historically, January is bullish too (except in 2019). Who knows what is ahead of us but this is not the big sell off or a market crash bears are calling for the last 10 years.
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