RELIEF BREAK OUT RALLY 1/2/13
T he market responded to the mini agreement by the political teams, opening with a gap of some 20 points. The near term threat: a move to sell off some by profit takers. This is not that unreasonable with a range day after the gap, and investors beginning to throw in some puts.
THE PRE-OPEN LOOK
[08:40] <CM> goodies for today 48.5-44.75-41.75
[08:42] <CM> a +20 gap even on the Globex today we will likely see a trading range until all the talk settles in Washington
[08:43] <CM> some econ news later in the week to note. if they continue to talk and show progress, we will see es eventually move into 1500 and possible 1652-83 for the year highs
Corrections are like the "guesstimating" business. When it occurs, it will occur. Play what the market provides and leave the tops and bottoms to hindsight..
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