Trading on News
There is an old saying that the market hates uncertainty, and that certainly seems to be the case today. Unfortunately, this is likely to last for a while as the fiscal-cliff debate continues. There are going to be optimistic statements that will bounce the market, but there will be negative comments as well, like Erskine Bowles , who said this morning that he thinks there is only a 1-in-3 chance of a deal.
Weak housing news isn't helping matters and, of course, the technical pattern suggests more backing-and-filling is needed. The SPDR S&P 500 (SPY) has not filled the gap that was formed last Friday morning in a euphoric half-day of trading, but the market is still above the key 200-day simple moving average. It hasn't completely rolled over, but it is close and needs some sort of bounce or support soon....83 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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