Looks like a lot of people took off early for the holiday based on the action today. It's been a bit of a snoozer. I thought 'they'd' run the S&P 500 up back to test the simple 50 day moving average up there at 1206, at least for amusement purposes, but that move up petered out very early this morning. Instead, we are now testing yesterday's lows and the 50% retracement level of the entire October - early November move.... again.
If these levels break down, it just is not a very good picture for those of a bullish persuasion.
The only real news today is Q3 GDP dropped a bit on it's latest revision: from 2.5% to 2.0%.
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