Wednesday, November 28, 2012
S&P 500 close 11/28
Strong day for the bulls. After fending off an early assault by the bears which saw the S&P 500 down 12 to 1385, the market rallied back to 1409 closing at the high of the day. Short term we are still a little overbought and the long term outlook has turned neutral we will probably try to rally beyond 1410 tomorrow. I am still yellow because we finished again in the 1400-1410 range. Still looking for conviction north of 1410 or south of 1400 to get me off the fence. The bears had their shot today, let's see what the bulls can do tomorrow. If we push through 1410 convincingly, 1430 is the target.