Yesterday I laid out my support line at 1430. So far it holds, but we are still in questionable zone of 1430-36. Here is the chart update.
I saw people shorting the market then covered after the eco news. Philly Fed at 8.1!! Existing home sales +5.9%.
What's next? I don't know. Let's just hold and hope.
ADD:
This is the interview on Santa Stock Surge. Bespoke's Paul Hickey appeared on CNBC's Street Signs today to discuss the Santa Claus Rally.
Some key points:
- santa rally starts 21 to year end.
- 12/30 has been the best day with 0.51% gain on average from 1928 to 2011
- In the ten days from 12/21 through year end, the S&P 500 has averaged gains on nine out of ten days for an average total gain of 1.82%.
Today ES closed at 1440.75.With 1.82% extra gain, it will end up at 1467 which is a very close to the 1468 yearly top. Does this mean we are not going any higher or it will be a double top pattern? I don't know. Paul mentioned another important data that historically Dec gain is about 2.1-2.2%. We already up about 2% as of today. Will we see a 4% month or just flat for the rest of the year? I have plans for both scenario. Let's wait and see.
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