The first trading day of December the market moved up strongly in 2003 through 2005, and down in 2006. We await now the "results" of Black Friday buying. We've already heard our GREED allowed us to trample an employee at a Wal-mart at opening of their store in a city Friday, all for a bargain on goods made in China, in the name of Christmas shopping.
Have I said enough?
So, what's next? We saw some strong momentum this past week, on good volume Monday and Tuesday, to the upside. People are pleased with Obama's pick for an economic team, and the credit markets are beginning to move up.
Upside still definitely has potential, but the market is now becoming over extended to the upside, and euphoria is building. It is obviously an "up market" so it may soon be time to allow a bit of fear.
Some traders hold a put for opening today, and we'll list this position as both open, and a new buy, as our hedge against the consistent upside we've seen, and because we have reached market tops. Calls may have additional strength, but the count is now 8 to the call, what would normally be overextended.
Retail sales announcement vs. more Obama announcements, and what is perceived, will run the market.
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We are not breathing, but being breathed. Think of this. Where does "breathing" start. Who "starts us" and keeps us going? Besides the electronic brain triggers that prompt our breathing, is there something more. The breath from God, our consciousness telling us to breathe, or what?
Amazing that 6 top scientists in a room and 6 top theologians will have no real answers. Or, if they have them, they've missed the others perspectives, the point of it all.
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