In case some of you guys aren't trading tomorrow I would like to wish you all a heart felt Happy New Year.
It sounds like a big fat zero is getting done in the halls of Congress tonight as I read snippets and canned release from our leaders throughout the day. Maybe they can pull something out of their hats, after all, they did just give themselves a raise today.
Tomorrow could be as crazy as a coffee can filled with mice on mescaline, so I will wait for a video until tomorrow, so we can officially launch the new year.
S&P support levels (I'm referring to the cash which is SPX not SPY), is 1400 then 1390. The latter is the daily 200 day moving average. If that goes, the 1380-1390 should be more support. For now, watch 1422 for upside resistance. We were down about 40 handles last week which in the picture really isn't a big deal at all. It all comes down to what happens in Washington and how bad the market wants to punish the morons in charge if they can't figure something out.
Bottom line, the market is going higher in my opinion, a lot higher this year. The doomsday crowd has been wrong for years and they probably will continue to be. I refer to to Europe. It never fell into the Mediterranean as predicted and the German DAX is up, what, 40% this year? All the pundits were wrong, as usual, yet they still find gainful employment. Booyah.
Anyway, here are a few setups I will watching this week. I will see you on the chat room in the morning.
DDD - This one could could continue its run in 2013. Nice consolidation brewing and it may be ready for a bigger move over the 53 level
FLT - Looks good over 53.75
XXIA - is starting to work a cup and handle pattern on the daily chart. But the 16.91 level.