Look For Profit Taking Into Year End - A Close Below SPY 112 Today Would Spark Selling!
This morning, the market is taking a small breather after seven consecutive gains. The breakout to new highs for 2009 was miniscule and profit takers are nearby. We have been in a news vacuum and traders don't have much to go on. Normally, Chicago PMI would be lost in the shuffle and this week it is in the spotlight. The number came out much better than expected, but it did not have much of a market impact. Tomorrow, initial claims will drive the early action on the last trading day of the year. Last week's number came in below expectations. I …
December 30, 2009
• Posted in: Options
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