I heard Art Cashin, whom I have immense respect for, suggesting there may be a santa claus december 2008 trading rally in the cards. I don't agree. Do you?
What the hell. This is going to be the worst Christmas season in 17 years and maybe even more. Helllooooooooooo.
Hellloooo..have you not recognized by now that the market does not run exactly according to current economic news? See last fridays employment report.
This market is severely overbought looking at the mcclellan oscillators of the nasdaq and dow jones. They are due for a pullback very soon. But, the test now is to see if the market can have a small pullback instead of the monster declines we have witnessed recently. If we can get a week of sideways action to work off the overbought levels, it will be very constructive to a year end rally.
I see the market trying to rally - due to Xmas? Perhaps. Will it have legs or die after two weeks? Hmmm Only Mr. "Row" knows, lol.
Well, the rally is already going on and may push higher, but there will be lots of dips, since the institutions are accumulating at lower levels - at least that is what they are hoping. But they are all piranhas just looking at each other, waiting for the other to pounce first. Shorts are definitely worried, and probably will be stopped out on each new high. I am waiting for the dip, but the big move up .... maybe 1000 points, may come at any time, so I am no playing around. Tons of money on the sidelines. I am just accumulating waiting for the stampede to begin. I've made a ton, averaging down on Ultra ETFs, and I am keeping up the strategy.