Holiday Mode.
Markets are already on holiday. Estimated population in the trading pit is about one-third of the usual. For the lack of a better word, it is “dead.”
As for the S&P futures, one slight negative note was our inability to trade through our resistance area in the mid to upper 1350s. We quickly fell down to our crucial support at 1344 to 1346. Currently, the market is trading at 1345.50.
Only a trade below 1341 could add any significance to today’s session. But in general, these types of trading days are those that should be forgotten. The market will be dominated by Locals, and a 10-lot order today constitutes big size.
So, my advice — depending on what part of the country you’re in — is to find something to do outdoors.
One interesting note will be the NASDAQ Composite, which is trading about 2.5% lower right now. The market needs to rally 7% from now until the close in order not to go down on the books as the single worst year in the NASDAQ Composite history. The way the big-cap stocks are performing, it appears that the odds of this happening are similar to the chances that Gore would be our next president after all …
Happy New Year folks!