The market had enough of Europe this week and started selling off on Wednesday. The S&P ended the week just above it’s 50 day moving average. We should know very soon if that holds or breaks. If you want to feel good and bad about yourself at the same time, go short or long then sit back and watch events as they develop.
We have a shortened week coming up for Thanksgiving and although volume may be beyond light, that doesn’t mean it wont be fun to trade, so stay on your toes. By the way, that whole tryptophan-making-you-sleepy thing is actually false, which is why you’ve got to cook your turkey with barbiturates.
The financials, $XLF look horrible and I have been signing my mortgage payments with a pentagram in chicken’s blood lately. It’s just my little way of saying bite me.
The dollar has been firming up and its next move will depend on Europe. Gold and silver have started to roll over for now and cash and Treasuries have become the new safety trade. If things get worse I see the metals lower as they will be used as a source of funds to put fires out. It will also be tough to fight a rising dollar. The Super Duper Committee results will also be huge.
Demi (please pronounce as Di-mee) and Ashton are getting divorced. I guess she finally watched “the Butterfly Effect”. I’m also wondering who gets Bruce Willis in the divorce.
Natalie Wood died again and Robert Wagner may have sold his last reverse mortgage.
Have a great weekend.