We've got a couple of reports today that might move the market a bit during the first 30 minutes of trading. Actually, buyers seems to be brave again so I would not be surprised to see a pop on the news from the Chicago PMI and the Michigan consumer confidence number. Even if we pop on the data, I don't think it will last into the close.
Yesterday's big rally stole a lot of thunder that could have been used for today so I think the market has got ahead of itself. The anticipators were buying ahead of the so-called fund managers marking up portfolios for end of October. I don't know how much marking up actually gets done but I am willing to bet that its a lot smaller than most people think.
I expect a weak close today and will be setting up for that.
Friday, October 30, 2009
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