How quickly things can change. 48 hours ago the S&P 500 had broken key support, and looked poised for a move lower as the "double top" crowd was chirping (hand raised). Today, on the back of a slew of better than expected earnings reports the market is having its best day of the year. Now the conversation switches from breaking support to testing yearly highs - just that quickly! We're only 9 points away from that stubborn 1340 level that served as resistance a few weeks ago. I had mentioned earlier in the week that we have only had two instances of three down weeks in a row since the beginning of 2010; after Monday's open one thought this would be the third, but not anymore. Once more congrats to those who said in the comments section to BUY THE DIP - the only strategy that works anymore.
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows