A Wobbly Complacency
Don't like the market? Just wait a few minutes. We have something for everybody, and the market's direction can change instantly with a political speech. As we teeter on the edge of the fiscal cliff, we keep being pushed toward and away from the precipice, yet the net progress is little or nothing.
Look at yesterday's posting on the S&P 500, below. An early drop was enough to break the small ascending trendline and suggest we were starting a down move, yet the later speech-induced rally erased the loss and posted a nice gain. Yet it could not push the average up through the 1425 level we have been watching. It still looks as though it is a level that is being refused, and it suggests being a seller....291 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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