The study I posted on 12/27 suggested the broad selling that day could have been temporarily exhaustive. Combined with end-of-year bullish tendencies I surmised that "immediate downside follow-through is unlikely." The S&P 500 did bounce very slightly on Friday, but Monday the 31st saw a further drop in the market. In total, the S&P dropped an additional 0.5% the last two days and the selloff over the final 3 days of the year totaled 1.96%. I looked back to 1960 to see how the New Year began under similar circumstances. Amazingly, only one [...]
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[Source: The Money Blogs]
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