Shaky start to the traditional Santa Rally.
But remember, we haven’t seen a December finish in the red since 2007. That means despite all of volatility in 2008, SPX still managed to find its way into the green. That doesn’t mean I am going to stay blindly bullish here, but it does mean that in the case I were to take a short position or two, being aggressive with the profit taking would be absolutely key.
Other developments is the fact that the T2108 (% of stocks trading below the 40-day moving average) is now at 58% as of this post. Back in September, prior to any sell-off, we saw the T2108 erode much earlier than the indices.
So be careful with this market, and keep this bullish watch-list nearby, in case this market wants to pull it back together.
Here’s the bullish watch-list of the week:
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