Well it looks like this is the market that will not be denied. Today's 26 point gain in the Dow convinces me to reinstate the green trend arrow. The fact that the bears tried to knock 'em down for two successive days on Monday and last Friday, but failed, makes me consider today's action even more bullish. At 11,559, we have left the 11,400 resistance level in the dust and now set our sights on the 11,867 peak from way back in August 2008. There is no resistance of any sort between here and there. After that is the 12,000 level from earlier in 2008.
We are now far along enough into December to conclude that the Santa Claus rally did in fact occur this year. At this point, with just five trading days left in the year and the pros all gone off to Aruba or Vail, it's all over but the shouting. As for me, after a nice 0.63% gain yesterday, I made all of three dollars today. Oh well. I'm still just about at my high for the year, so I'd say I'm about done too. Next, we will set our sights on the fabled January Effect. Stay tuned. No trades today.
Long live the reflation trade!
50 minutes ago