Stocks had a typical positive bias holiday type trading day on Wednesday, and I wouldn't be surprised to see something similar today. It may or may not be up, but it should be quiet - provided there aren't any surprises announced, such as dismal holiday sales.
There is some overhead resistance in S&P 500 so I am not looking for any runaway upside action. To me, this chart tells us that the risk remains on the downside, but because it is the day after Christmas, any losses (or gains) should be contained.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
Saying that volume was light on Wednesday is an understatement, and today's volume may not even reach the 1 billion shares we saw Wednesday.
Here's the historic performance of the days surrounding Christmas one more time. It's all green from here, but we are in a very tough year and how the year winds up may depend on just how the money managers are unwinding their accounts.
Chart provided courtesy of www.sentimentrader.com
Will they use gains to unload losing positions so they don't show up on their books? Will they buy the stocks that were hit hard? Judging by the last several years, it can go either way.
I still have two transfers to use and I may play with them, but I don't expect much to happen either way. January could be a different story, however. We have seen some wild starts to the new year over the last few years - both up and down.
That's all for today. Thanks for reading. See you on Monday!
There is some overhead resistance in S&P 500 so I am not looking for any runaway upside action. To me, this chart tells us that the risk remains on the downside, but because it is the day after Christmas, any losses (or gains) should be contained.
Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk
Saying that volume was light on Wednesday is an understatement, and today's volume may not even reach the 1 billion shares we saw Wednesday.
Here's the historic performance of the days surrounding Christmas one more time. It's all green from here, but we are in a very tough year and how the year winds up may depend on just how the money managers are unwinding their accounts.
Chart provided courtesy of www.sentimentrader.com
Will they use gains to unload losing positions so they don't show up on their books? Will they buy the stocks that were hit hard? Judging by the last several years, it can go either way.
I still have two transfers to use and I may play with them, but I don't expect much to happen either way. January could be a different story, however. We have seen some wild starts to the new year over the last few years - both up and down.
That's all for today. Thanks for reading. See you on Monday!
