Don’t you just love the end of the month? You’ll also love the end of the year coming right up…
After the end of the Fiscal Year in October, the SPX corrected about 100 points in two weeks. We made back exactly 75 points in the previous two weeks, including the Thanksgiving shortened holiday week.
During the correction, everything was a worry and everyone was pessimistic. Now that the technicals have turned, everyone has lost any semblance of worry and there is optimism about everything again.
I had though that perhaps this year would be an outlier, that we would have a sentiment-breaking bearish holiday season. It’s still early but it looks as it will again be more of same. The “V” bottom in many stocks and indices will keep markets elevated through the scheduled end of the world. But when the Fiscal Cliff has been scaled, it will be a sell the news reaction.
Oh, and Apple retraces 50% of its 200 point loss at $605.
It is Fuckery of the highest order. Enjoy!
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