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MARKET WRAP UP 12/07/10
The S&P 500 made two-year highs within the first several minutes of trading this morning, before drifting lower the rest of the session to finish barely up 0.05% to 1223. Despite the news headlines about the fresh highs, the action smacked of a continued consolidation of last week’s upside break out of the November pullback. While many are taken aback by the intraday reversal and pointing to the possible bearish “shooting star” candlesticks printed across the leading indices and sectors, I view them more as unidentified flying objects at this point. The overarching trend remains firmly higher, but a few more days of frustrating and choppy price action would likely set us up perfectly to finish out the year in a bullish holiday manner.
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Why not use a real UFO photo
Bought some KR today while thinking of what to buy for our Christmas feast.