Irish Coiled Spring

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MARKET WRAP UP 11/22/10

Despite many looking for the traditional bullish bias to the markets beginning this time of year, stocks wasted no time in plunging this morning, hitting an intraday low of 1184 on the S&P 500. However, just as traders were about to trade in their pumpkin pie for that of the humble variety, the leaders in the Nasdaq Composite engineered a late-day rally, as the S&P finished down 0.16% to 1197. Despite unimpressive statistics on the broad indices, the high momentum market leaders acted well.

Nonetheless, the S&P is still coming to terms with the 20 day moving average. As this holiday week progresses, it is logical to think that volumes will shrink drastically across the board. With that kind of backdrop, I find i difficult to see how bears would feel compelled to press their shorts here. Then again, not being forced to redraw a map of the world to cross out Ireland is always a nice little bonus.

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