Good morning. Happy Friday.
The Asian/Pacific markets closed mostly down – China lost 2%. Europe is currently mixed with an upward bias. Futures here in the States points towards a gap up open for the cash market. This will open the indexes near the top of yesterday’s range.
This week so far has continued the trend from the previous 5. Lots of choppy action…lots of gaps…lots of sudden moves. Dips get bought and rallies get sold, and in the end, the market is little changed. Here’s the 60-min chart.
My bias remains to the upside; we’ve had many great trades, but our holding time has had to be kept short – sometimes a week, often less.
We’re heading into the feel-good time of year. Christmas is next Friday and New Years the Friday after. Don’t get complacent; don’t underestimate what the market could do while Americans feel good and volume falls off.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers