Balancing act
Yesterday I continue to raise cash and balance myself before end of year. This doesn't mean I've given up on the thought of a Santa Claus rally into year end. In fact, I took some NDX futures long on that thought last night after hours.
This slow dull trading with some probing to the downside has setup a decent bounce situation in the indexes and if we get some juice the technology arena should lead the charge. That's what I'm looking for with respect to a short term day or so trade.
Otherwise, it's more of the same. I'm eying a gold short as well although I would like to see the bullion make it to the $522.50 area basis the February contract. That would mark a 62.8% retracement for the bounce play (which we didn't catch by the way) and would likely setup a decent short setup. Will wait to see how it acts today and possibly tomorrow.
That's about it for this morning. My suggestion is to stay balanced or get that way before the new year gets going next week.
This slow dull trading with some probing to the downside has setup a decent bounce situation in the indexes and if we get some juice the technology arena should lead the charge. That's what I'm looking for with respect to a short term day or so trade.
Otherwise, it's more of the same. I'm eying a gold short as well although I would like to see the bullion make it to the $522.50 area basis the February contract. That would mark a 62.8% retracement for the bounce play (which we didn't catch by the way) and would likely setup a decent short setup. Will wait to see how it acts today and possibly tomorrow.
That's about it for this morning. My suggestion is to stay balanced or get that way before the new year gets going next week.
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