Analysis:
Today the market retreated in a low-volume trading. Looking ahead to next week, the revelation of the details of the Irish bailout on Sunday will soothe investor jittery, and an increase in consumer spending during Black Friday will add optimism for the economic recovery. Consumer Sentiment, ISM Manufacturing Index, and payroll increase will all boost the market. The seasonal Thanksgiving rally was delayed by the Korean skirmish, but the longer the market is held below 1,200, the bolder the Bears will become, and the longer they will refuse to admit to being wrong; thus, the more violent the eventual short-covering rally will become.
Strategy:
Hold long at 1,197
No comments:
Post a Comment