Friday, December 28, 2012
S&P 500 close 12/28
Another day another test of nerves for the market. We started lower from the start, manage to stay above the 1410 convection area for most of the day and then dipped sharply lower at the close to finish at 1402. Anything under 1400 and this gets ugly fast. Ominous bad sign the long term momentum indicator is now headed lower. But given that lawmakers are back on Sunday to take once last swing at this, this may be what the edge of the cliff looks like for the market. Here that Washington, that the sound of America's collectively holding its breath.