It was a nice weekend. Did not really do too much, but that can be a good thing.
There is a general sense out there that markets are set up for the "Santa Clause" rally. Better bases and a lack of serious down moves (forget Thursday, was wiped out Friday) so close to major resistance has shifted the tenor of participants.
As for this market observer, I was very positive on things last week going into the Euro zone summit. Thursday threw me for a loop, as did Friday. Seems every time I get constructive on the market things fall apart. Will this time be different? Let's hope so.
I have two index shorts on in a small way and over 90% cash ready to work. I am doing screening tonight to get a better feel for individual names for the week. Maybe this will be the rally that sticks the landing.
Have a good night.
If we have another day like last Thursday, baby Jesus will cry. So if there's any Christmas spirit still left to be had, here's hoping you have a good week ahead!
ReplyDeleteThanks David. The Thursday-Friday cancel out is a puzzler to me and still don't have a grip on psychology of market right here. Most people I respect and read are very bullish now after Friday, though not much changed in my eyes. What can you do.
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