It makes sense that as January goes so doe the market because you all these 100's of billions coming in at the beginning of the year. If the market can't go up with all that money than that would be a bad sign.
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Anecdotal evidence of what a retailer gonna do: as my bags rise, I gotta pull some money out to pay bills. If I’m doing it, so are a million others who sat at home during the pandemic and amassed a small fortune (for us). Hopefully there’s more billions in hedges than us.