Friday, December 11, 2009
2nd Gap Up
Unless the market is very bullish, the stock market rarely leaves 2 unfilled gaps in a row. We've had that on this run up, so it can happen again. But from the past couple of weeks trading, I don't see the bullish initiative required to leave these gaps unfilled. The sentiment surveys show very few bears. From past instances, a lack of negative sentiment doesn't usually lead to aggressive up moves. We have positive retail sales, which provides the excuse to buy. I expect traders to sell the gap up today.
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3 comments:
Long PROV @ 1.53
-Ol' Dawg
I'm taking it very light here Dawg.
I don't want to be short or long the index.
All I can say is that December could very well be a month dedicated to a topping process.
Then again, we do have the January effect, and that throws a monkey wrench into this bitch.
So far it looks like another boring day, like yesterday.
Oh well...
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