Friday, December 11, 2009

Market Wrap ... Week pretty much flat ...

The week pretty was pretty much a wash for stocks as in the early part of the week equities sold off and by week end had recouped most of the losses.

As we highlighted in some earlier comments the S&P 500 is still above key support levels such as 1,083.  If you are short term trader that’s a key level.  For traders with a medium to longer term focus we suggest watching the 1,050 level followed by 1,026.

So far those levels have not been violated so the bull trend remains intact. That said we suggested earlier in the week and continue to suggest reviewing positions and tightening up stops.

Market internals remain not committal and sentiment is still neutral (ie not overly bullish).  We continue to give the bull run the benefit of the doubt. Next week the same levels will remain in play and should be watched closely.

So if your long "em" - hold "em" for now. We suggest just getting your exit strategies in place should we violate the aforementioned S&P 500 levels.

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