Detailed market commentary at The Market Ticker
(The Year 2012 In Review)
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|User Info||Was last week the Santa Rally ?; entered at 2007-12-02 09:54:18|
Registered: 2007-10-12 Chicago
I haven't seen the internals and although I would subscribe to short coverings, it seems this might have been the year end window dressing as well. Certain speculative trades may have also taken a hit such as oil and gold as contracts moved out of December into Feb and March. Also profit taking as traders need cash to buy the GI Joe with Kung Fu grip. Along with that the FED talked up the market with Treasury and Saudi Arabi making the mortgage mess seem like the end is near.|
All the FED data is going to be ginned up as usual this month. My guess is that in order for support to become resistance we'll need more than Meredith Whitney to kill the holiday buzz.