Friday, November 28, 2008

11.28.08 - Financials Continue to Lead

Bit of an erratic day within a narrow range. I expect more and more swing traders will be getting net short here either at the close or on Monday, and possibly in size. The magnitude and duration of any pullback will set the tone for the rest of 2008 after this 80-year upside correction. The S&P500 has officially tagged its 20-day moving average (SPY $89). Have a good extended weekend.

9:55AM PST: Strong close - good week for the bulls. Be careful of pile-ons on any signs of weakness next week though.

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