Excerpt from CNBC quoting DataTrek’s Nick Colas:
…. “January was the snap back from a deeply oversold December,” said Nicholas Colas, co-founder of DataTrek Research, in a note to clients. “The worse an asset class performed last month/last year, the better it did this month. By and large ‘the last shall be first’ was January’s tagline.”
However, a rip-roaring rally this early in the year is not giving Colas much solace that 2019 will be a better year than 2018.
In his note Thursday, Colas points to when he was a trader at SAC Capital Advisors, a hedge fund that was run by Steven Cohen. Back then, every trader could see how the other traders at the hedge fund were performing in real time.
“Once in a while, the entire organization would sync up, with every trader showing a healthy gain for the day,” Colas said. “This usually happened shortly after the open, at which point someone would invariably yell, ‘Close the market!'”….
Read the full article here on CNBC!