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Thursday, December 22, 2011

Thursday Morning Update

I hought yesterday we would bounce off 1132, but I was off by a point. I looks pretty safe to say we are going to test 1255, probably as early as today. We got pretty decent economic reports today, but I suspect the market will be trading more on technicals than fundamentals. In the game of musical sectors, XLF is leading today, with XLP lagging. The Nasdaq and Russell 2000 are both about even. I have oil up, gold down,  treasury yields down. I smell a reversal coming.

I have 147 new highs so far, but I don't see any breakouts. I have nothing scheduled to report today.

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