The collision of global markets and social mood

Friday, December 28, 2012

Hope Craps Outs

So everything crapped out last night after the big Hope rally. Something about more doubts creeping in about the Fiscal Cliff.

Futures have yet to break yesterday's low, so the set up remains for a gap down and a reversal higher in the regular session. Below 1408.75 today would likely be an early warning, however, that lower lows are on the way.

There is a Fibonacci confluence area between 1395-1398 that may want to get tested. Otherwise I'll be waiting for 1383, the 61.8% Fib level.

To the upside, a couple small price shelves are at 1420 and 1430.

I am taking it easy and playing lightly until the first full week in January. Next week is another short week for traders, and an even shorter one for me: I'm out Thursday and Friday for the annual snowmobile trip up North. And so far, there's tons of snow. Yesss.

PS. Had to lock down the comments section due to a persistent spammer. Not trying to be exclusive or anything. Thanks for reading.

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