Friday, December 21, 2012
S&P 500 close 12/21
Well the Mayans were wrong after all, but Congress did there part to help them out. The market sold off at the bell hit to hit a low of 1423 and then rallied to finish at 1430. Honestly I am surprised the the support level held in the face of the news, but we did and that's all that matters. Going forward, until we get some clarity from Washington, I may hold off on establishing a long position even though the market may leave without me. Short term momentum has definitely lightened up in the face of the Congress's indecision. Long term still looks good. Next week is going to be interesting with a shortened week, lighter volume and Congress returning on the back half to maybe come to a solution.