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No Year-end Fireworks
www.oneoption.com
Buyers are not able to push stocks higher and sellers are nearby.
PRE-OPEN MARKET COMMENTS TUESDAY – If Santa Claus is coming to town, he’d better hurry. In the next three trading days the market has a seasonal tendency to move higher. Buyers and sellers are paired off and they have been for the last two months.
If the typical Santa Claus rally unfolds it would push the SPY to $700. That is a 130 point S&P 500 gain and it doesn’t feel likely. Even if the market finishes the year right at the high, it will make investors feel good.
This afternoon we will get the FOMC minutes. I felt the rhetoric from the last meeting was hawkish and we will be able to see exactly what the officials were thinking. I believe that this release is not likely to move the market much, but if it does, the odds are higher for a pullback than a rally.
Chicago PMI will come out after the open and China’s PMI will come out tonight. Many international markets will have a banking holiday tomorrow so the action will die down. US markets are open the entire day.
Overseas markets were up slightly and that will provide a slight tailwind this morning. The intraday ranges have been very compressed and support and resistance are yesterday’s range. If we get through that, support is AVWAPQ and resistance is the all-time high.
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