.a speech a day
Friday, November 28, 2008 at 08:00AM ...keeps the doctor away!. As long as Obama makes a speech, an appointment every day the market should be in the green for the year by New Years!;). Unfortunately, every week is not a holiday week to boost moral as this week has been. The market (SPX) penetrated the resistance we've discussed and just kept on rolling (on very volume) as end of day selling did not happen for a 4th straight day. Why?. Simply, the 'whales' are away!. Whales are all those hedge funds, institutions that manage 100 mln+ that will return to action next week and only than will we know if this move is sustainable. Also, remember just before any big holiday there is seemingly a gag order on bad news. We saw this last year into XMAS season, only to have bad news start to spill early in the year. It hasn't stopped since.
This week is purely retail trading, in years past it would involve groups of stocks in say HLS. (Homeland Security stocks), but this year the infatuation so far is with the ETF's and not individual stocks. Friday will be very thin trading as markets are only open to 1pm and some stocks/ groups may get manipulated. The question is which may be played?. Unfortunately, the world just witnessed the attacks in Mumbai and maybe, just maybe HLS stocks will be those that get manipulated. We've had a few names here in AXYS, ICXT, IRBT. Other names COGT, NICE.
The market has shrugged off every piece of bad news this week. The question to start Monday's trading is what it will do with "Black Friday' numbers.