Monday, November 22, 2010

Monday Market Review

This is the market today per Yahoo Finance:

A loss of excitement for Ireland's financial aid request left the stock market to drop more than 1%, but technical support provided a base for a rebound that helped the broader market slash its loss and the Nasdaq Composite stage a nice gain.

imageOkay, this is quite a mouthful.  But “a loss of excitement?”  LOL!

We’re in Thanksgiving week, so the pattern is a rally Tuesday through Friday.  But…  This market didn’t sell off in September or October, as the historical pattern.  Who knows?  I think we’ll continue to see a light-volume retest until we go back and retest the lows from the move down last week.  Unfortunately, I think we’re due for a frustrating trading range.

I remain long, but plan on reducing beta should we rally lightly into Friday.

I also plan on voting for Bristol Palin.  Just because!

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