Have We Returned to Seasonality?
Fear certainly dominated normal year-end seasonality, as evidenced by the sharply lower interest rates. Yesterday, that reversed.
So while skeptical when higher stocks was NOT accompanied by higher interest rates over the past weeks, yesterday was more notable. And voila, fuel on a (perhaps) overly-pessimistic market.
All subject to change, but the footing is far better now, as a small amount (not all) of the froth has been removed, leaving the possibility that seasonality will return to the forefront.