Tuesday, December 30, 2008

State of the Market - 12/30/08

Well, after a two very busy days, I have a few minutes to sit down and gather my thoughts a bit. First of all, my wife and I were blessed with a very healthy, very big (8 lbs, 9 oz; 22 inches) baby boy on Monday morning named Luke. Both mother and son are doing very well and will be coming home from the hospital on Thursday. I'm sure it will be quite an adjustment for mom, dad, and son #1 when everyone is home, but we'll manage.

Mommy is at the hospital tonight, and son #1 is at the grandparents, so I can put a few market thoughts down quickly. In terms of the market, I have obviously not been able to follow things very closely this week, but after looking at my scans really quickly tonight, I don't think I've missed much. Today's gains came on weak volume overall and the indices are still in a holding pattern - they couldn't really get over their 50 day moving averages today. I only had a few short candidates that look poor after today, so most are still valid, and most of my long candidates are also still looking good, although I see some of the solars that I have been pointing out in my videos had big pops today. If you didn't check out the video from this weekend, you can still do so to get some good ideas.

I say this with all sincerity - I have absolutely no bias or feel right now for which direction this consolidation will eventually go in. I am completely open-minded. It doesn't make much sense for us to move higher based on fundamentals, but I also don't hear many people predicting a rally to start the year - most expect a selloff. I still don't plan on trading until next week (if I have time) and hopefully we will get some guidance by then. Keep your options and your mind open right now and be ready for whatever this market wants to do.

Good luck the rest of this week and I hope everyone has a very happy new year! I don't know if I will be back until the weekend, so take care.

11 comments:

Anonymous said...

Congratulations with the baby and all, good luck and have a happy and prosper new year!

Ragin' Cajun said...

Congrats MAC!!

Anonymous said...

Congratulations !

Rik

Anonymous said...

Congrats on Luke's healthy birth Mac!

Geoff

Fernando Saldanha said...

Congratulations for your baby and thanks for making all your insights available to us. You've been sharing precious experience.

I wish you plenty of successful trades in 09!

Fernando

Mac said...

Thanks guys. Off to the hospital. Enjoy the day.

Serg said...

Congratulation on the baby!

Sergey

rol lew said...

congratulations Mac!!!!!!!!!!

bmbull said...

Congrats on the new addition to the family! Glad to hear all went well.

Randal said...

Congrats on the new addition Mac! All the best to your family. God Bless

Mac said...

Once again, thanks a lot for the well wishes. They are appreciated. Hope everyone has a great New Year!!!