Slightly positive day at a time when it really doesn't matter
There was some continued late day selling which has been a problem of late. It took the indexes off their intraday highs and makes tomorrow a little more questionable in turns of the fabled Santa Claus rally. So far, Santa has been a no show and that has some worried.
All in all, breadth was decent and stayed that way into the close and the day had the markings of a decent setup for a little bounce into year end but, like the rest of this year, it's not easy taking pennies out of this market. Just as I totally misjudged that short covering move in the gold sector, I could be misjudging this as well. I am considering a play on the notion in the futures market (going long some SPX if this evening's after market numbers allow a good risk/reward setup) but it's just a thought right now (the futures are down slightly as I write).
The problem, as I have talked about at length is it's a question of what do you want to do into year end and how do you want to be positioned starting the new year? If I do a trade in the futures, it will be for a day or two at most. More likely it will be a few hours. I have no desire to take a stand in front of a new year when the gyrations are likely to be high given the uncertainty of the present situation. It's far more acceptable to be careful and to begin with a resonably equal mix of longs and shorts that will hopefully outperform the general index no matter which way it rolls.
That's it for tonight. Have a great evening and see you tomorrow. Don't forget to check out the new resources available to you that have been added recently. There's the RSS reader capability finally (was asked about doing this about a year ago and have finally added it). There's also TA lessons and chart markups and more that are new and garnering good interest. Check out the links to your left of this text.
All in all, breadth was decent and stayed that way into the close and the day had the markings of a decent setup for a little bounce into year end but, like the rest of this year, it's not easy taking pennies out of this market. Just as I totally misjudged that short covering move in the gold sector, I could be misjudging this as well. I am considering a play on the notion in the futures market (going long some SPX if this evening's after market numbers allow a good risk/reward setup) but it's just a thought right now (the futures are down slightly as I write).
The problem, as I have talked about at length is it's a question of what do you want to do into year end and how do you want to be positioned starting the new year? If I do a trade in the futures, it will be for a day or two at most. More likely it will be a few hours. I have no desire to take a stand in front of a new year when the gyrations are likely to be high given the uncertainty of the present situation. It's far more acceptable to be careful and to begin with a resonably equal mix of longs and shorts that will hopefully outperform the general index no matter which way it rolls.
That's it for tonight. Have a great evening and see you tomorrow. Don't forget to check out the new resources available to you that have been added recently. There's the RSS reader capability finally (was asked about doing this about a year ago and have finally added it). There's also TA lessons and chart markups and more that are new and garnering good interest. Check out the links to your left of this text.
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