*we have had a 5% retracement. Expect a rally this morning on news from Ford, they expect to be profitable in 2011 (yeah, ME TOO IJIOTS!) and the news that banks are being dragged into the Fed's office to discuss CEO pay, not to discuss their HUGE cash reserves (which is the bigger issue now isn't it). So BUY BUY BUY for trades.
Its always a challenge to stay on top of the daily gyrations while traveling, and this long 10 day trip — Dallas Austin Detroit San Francisco — is no different. I can’t complain, I travel far less than many of my peers.
Longer term, the SPX is at an interesting — some would call it crucial — locale (see chart below).
Things could get very interesting from here. Other than the observation that the rally was getting tired, I have no special insights as to how this plays out. A reasonable guess: We chop around, pull back to 980-1,000 or so, then make a dash higher to 1,200-1,250 at year’s end. Again, just a guess.