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12/31/2008 9:05:34 AM
Our Thoughts for Wednesday, December 31st
Traders I apologize as I have been out all week with a bad case of the flu/virus. Unfortunately Thoughts were neglected as I did not have the strength. Markets haven’t moved that much this week as expected as we continue to consolidate in a slight ascending channel following the late November reversal pattern. Yesterday’s move was a nice start to what could be a breakout move if we can get the S&P above the high of the ascending wedge at 918.57. I don’t anticipate much trading range today and maybe not much on Friday either. Next week, however, could bring our much belated January effect move so lets be patient until then. Good trading and I will return full force on Friday.
Everyone have a Happy New Year!
SCOTT
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