Nice kitty. Is this a good looking cat having a bad hair moment or something sinister? That is the question for the markets at this point. Today really doesn't matter. All eyes will be on the Fed Chairman tonight to see if he confirms the words spoken by the Fed Vice Chairman yesterday that basically got the market all excited that a rate cut is probable.We have clocked 550 points to the upside on a relief rally. Tomorrow is the follow through day. Positive comments probably mean the bottom is in. If he disappoints, then we may retest the lows again.
The indexes are bumping up against buyer exhaustion after the run, so I would expect profit taking today. Everything is about 1490 on the S&P. If we close above that number on volume with the intent of holding it, then we may have a Christmas rally. If not, then hedge your bets - we may be in a trading range for some time.
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