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MARKET WRAP UP 12/06/10
Today is a pretty good example of the type of consolidation that you would expect to see in a broad market uptrend. After we closed out last week with several impressive sessions, a short-term rest was not only expected but needed. While the Nasdaq Composite Index finished slightly green, the S&P 500 closed down today 0.13% to 1223. However, we failed to see any aggressive profit-taking, which is a sign that the big money is content to remain in their long positions. Even at the lows of the day, many key individual names were still acting very today. In other words, the bull run that began in early September is sticking to the script.
We may not get them, but a few more days of this type of price action would be a gift to swing traders looking to load up their portfolios into New Year’s Eve. Going forward, the key is to focus on the very best setups, as there are surely impressive gains to be had. Identifying where fund managers are chasing appears to be the name of the game as we head down the final stretch.
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“we failed to see any aggressive profit-taking, which is a sign that the big money is content to remain in their long positions.”
I think that pretty much says it all. Great write-up.
Thank you.
Nice blog as always Chess.
Do you consititute “OPEN” as a great setup with high demand from the professional money crowd?
What MDA said.
Thanks Chess.
I am finally ready to get my New Year positioning in place, and I am so glad to have the time now. The PPT shall be in use for it’s maiden voyage.