Tuesday, December 4, 2012
S&P 500 close 12/4
More of the same... a weak attempt at 1400 combined with a failed late effort on 1410 leaves us in the exact same spot. Short term momentum is weakening and long term is strengthening although still inside bearish territory. Although it typically is bad practice to try and guess the move of the market (it's best to let the market move and then react) we may be forming a head and shoulders pattern with a very small right shoulder. Like everything else, let the market move one direction or another and then I'll get out of cash.