Friday, December 26, 2008

State of the Market - 12/26/08

Today, as expected, was a very slow day on Wall Street as low holiday volume continued and stocks did basically a whole lot of nothing. They started higher at the open and rose for the first hour or so of trading, but fell from there all the way until 1:00 or so. They hit a bottom there and rose back up into the close, finishing with modest gains. If you traded today, more power to you.

Not much to say that I haven't said previously this week. The market is in a range here that makes it very difficult to trade, and until we breakdown (851-857 area on the S&P) or breakout (920 area on the S&P), there isn't a whole lot to do. This week was slow and next week will likely be similar with New Year's day coming on Thursday. I am still expecting a move lower once the new year starts, but will try to be prepared for either outcome and completely open-minded here.

I hope everyone out there had a blessed and enjoyable Christmas holiday. Christmas with a two year old is great and took me back to my childhood a bit. My wife and I spent most of today cleaning and organizing around the house to make room for all my son's new toys and playing with those toys a bit too with him, which was fun. I'll try to be back this weekend with one final video showing you which stocks are setting up as possible longs or shorts before the new addition comes to the family December 30. Until then, take care and enjoy the weekend.

No comments: