Also, despite the closing numbers, trading volume is quite low. That is not good.
What is going on in the market is, I think, mostly being driven by DEFENSIVE RE-POSITIONING.
Big-time market movers now have got a glimpse of the Marxist agenda and the possibility that it can be enacted here. They are having to scramble to unload stuff that gets crushed in Commie economies and to bring profits as far forward as possible, before making money becomes totally illegal.
The pharmaceutical companies, for example, have been told outright that the government is going to take 90% of their profits in the next 10 years. You can bet they, and the people who invest in them, are busy re-positioning themselves to maximize short-term gains and minimize long-term losses.
There are rallies and then there are rallies. This is not a rally. It’s movement caused by the stir of killing off large swaths of the private sector and replacing it with Socialism. IOW, it’s defensive re-positioning, and that as only a stop-gap measure.
Less 401k money too as people lower their contributions to cover higher taxes and living expense. Unemployed do not pay in to 401k. Obama raising cap gains will cause less investment too.