New Year, New Worries

Despite frantic last minute negotiations in the Senate, time has run out and we are going to go over the fiscal cliff. For at least a few hours, we will have the largest tax hike in history, but the good news is that the market believes that a deal is very close and likely to be put into retroactive effect in a few days.

The market started the day nervously as the confidence level in politicians is understandably quite low, but then gained momentum as the outline of a deal became clear. In addition, we had one of the worst holiday periods in quite some time so market players were happy to mark up things into the close. It was the first time ever that the Nasdaq closed up more than 2% on the last trading day of the year....158 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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