Taking out resistance, but stretched- Stocks traded in a tight trading range again yesterday, and while the Dow closed down 2-points, the rest of the indices finished solidly in positive territory... Market Commentary for 12/10/10 Current Daily Market Commentary
Another choppy day, but the market managed to close modestly higher nonetheless.
This market has had several opportunities to sell-off this week and yet the bears have been almost a none factor. It could be the seasonality coupled with the notion that the Fed has our backs. We've also been advancing for some time now too, so turning this market lower for more than a short term drop could take time. If that's what's going on than we may be building a complex top. But I'm not necessarily
Updated 12-10-2010 at 04:33 AM by coolhand (Changed BPCOMPQ from sell to buy)
I hope you didn't forget Mr. Fibonacci?
This Monthly chart of the S&P 500 shows a nice pause at the key 61.8% Fibonacci level. My 2010 projected range (outlined in the white box) for this year has been spot on, and I based those projections on Mr. Fibonacci, and my study on previous bear market recoveries as outlined in this blog, 2010: Bear Market Recoveries Bears take the elevator down. Bulls take the stairs up. If you're getting antsy, you may want to sit on your hands. The
Fatigue- Stocks had a tough time making much headway yesterday, but considering the reversal day on Tuesday, the action was not too bad... Market Commentary for 12/09/10 Current Daily Market Commentary
It was a relatively quiet day with little data or news to drive the market and it was evident in the day's action. Stocks chopped around most of the day before closing mixed with the S&P and EAFE (I fund) posting a modest gain, while the Wilshire 4500 (S fund) closed with a modest loss. The F fund experienced more selling pressure and closed down 0.48%.
In fact, the yield on the 10-year Note hit a six-month high of almost 3.33% before closing the session at 3.24%.