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It was off to the races right at the open today as the S&P 500 passed the 1200 line almost immediately. The move never wavered as the major averages settled into a tight trading range and closed near their highs. Volume was very good as was breadth.
It appears our gains were led by news that both Europe and China had solid manufacturing data. Comments by the European Central Bank President was also seen as part of the catalyst as support was pledged for the EU financial system. What
Updated 12-01-2010 at 06:21 PM by coolhand
Just like yesterday, the market gapped down at the open, and just like yesterday the dip buyers stepped in to drive prices back up. But unlike yesterday the retrace didn't fare as well as the market ended the day with moderate losses.
The Sentinels have been forecasting an Intermediate Term decline since mid-November, and in a normal market I'd expect a decline to last more than 2 or 3 weeks, but the market has not been kind to bears over much of the past 2+ years and today's action
Enjoying that volatility? After an initial gap lower to start the week, the market leveled off and was eventually able to recoup most of its losses later in the afternoon. Perhaps is was today's Permanent Open Market Operation (POMO) that helped ignite the rally, but I would still point out that the major European indices all closed down at least 2% on debt fears.
Asian indexes closed mixed in spite of the ongoing joint naval exercise between the U.S. and South Korea. But I'm sure
Updated 11-29-2010 at 06:01 PM by coolhand
As most of you are already aware, our sentiment survey flipped back to a buy for this week. And both the Top 50 and Total Tracker show cash levels rising. I tend to be bullish on this kind of sentiment, and when this sentiment survey issued a sell a few weeks back, it did so in advance of the Sentinel's sell signal, so it was a leading indicator in that case. Will this be the same result?
Given today was an abbreviated, post-holiday trading day I really can't offer too much in terms of what today's action tells us. Volume was very light as expected. More so than last year at this time. But let's review where we stand after this week. Here's the charts:
NAMO and NYMO clung to their buy status, but remain in negative territory. One could argue that they appear to be climbing back up the ladder again after their Nov 16th low, but