Tiptoeing In Here
On Monday, as you may recall, the market shot higher on something upbeat on the eurozone mess, or maybe on some local news pointing to an economy not quite as dead as was previously thought. Whatever the reason (and who cares?), the market surged Monday and left a bunch of gaps beckoning below. Those gaps didn't get much attention Tuesday, but Wednesday saw the S&P 500 pulling back to within a whisker of its gap at 1244.28, making a low of 1244.80. From there, late in the trading day, it rose by a pretty serious 22 points to the 1267 level.
You may also recall my Tuesday column, in which I explained that if the market sold off to Monday's gaps before popping up to the Nov. 9 gaps, I would add to my modest bullish exposure. But the downside gaps in the S&P weren't quite filled yesterday, so I didn't do much buying on the dip. I was looking for the 1243.50 level of the December E-Mini futures and the 1244.28 level of the cash index, each of which missed those respective marks by about 0.5 points....670 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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