Courtesy of John Nyaradi.
Today was a mixed and quiet day on Wall Street as (NYSEARCA:DIA) was the only major index to register small growth while (NYSEARCA:SPY), (NASDAQ:QQQ), and (NYSEARCA:IWM) all decreased slightly.
The flat market is likely attributed to a holiday slow-down as we approach Thanksgiving next week (boy did this holiday come fast), and the fact that markets still sit on the fence between generally positive US economic data and negative European woes.
The bulls have definitely not broken out yet, however the year is not over and the much anticipated “Santa Rally” could still take off.
Not to spoil any holiday hope, but Spain has (finally?) reached the news again with their upcoming Sunday elections, and it appears that this country just might need a bailout as well. Also, the House rejected the Super Committee’s first proposal for deficit reduction; all I can say here is get ready for more bloodshed, November 23rd is less than a week away.
Bottom Line: The markets are more or less on the fence with what to do, and all eyes remain on Europe and the Super Committee for guidance. All the while we are all hoping for a possible “Santa Rally” after a difficult year of trading
Have a wonderful weekend wherever you may be,
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