Monday, December 3, 2012
S&P 500 close 12/3
Nice try by the bulls early. The market rallied at the start, got to 1422 and then gave it all back. The market finished lower closing at 1409, which puts it back in the 1400-1410 convergence zone. Still a little top heavy short term but I would not expect anything convincing. We probably retest 1400 since the bulls have run out of steam. The move from here (once it happens) will probably be significant. Long term the bulls are getting a little stronger but still the market is on the bearish side of strength. Happy in cash.