On Friday the popular averages again finished to the upside. The Dow Jones Industrial Average, Nasdaq Composite and S&P 500 again attained all-time intraday and closing highs. This amid increased trading volume as LEAPS options expired before a three-day weekend. Home construction in December ramped up at the highest rate since 2006.
Above is my three-month chart for the S&P 500 ETF (SPY). The price commenced an extended rise on October 9 that continued until a dip after Thanksgiving. That was quickly followed by a Santa Claus rally that has continued into the new year, leading again to all-time intraday and closing highs for the SPY on Friday.
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