Remember folks dont expect much volume this week. Last weeks volume was terrible even with quadruple witching. Monday and tuesday most traders might just be squaring off positions before the year ends and that might be it for them. Two things concern me here, firstly the second test of 918 was not too convincing and secondly the volume is extremely low which in my mind shows the lack of interest in the rally.
First full week of January the bulls must step up the volume or the fear of non commitment will set back in and we will definitely go down.
One likely scenario here is we get a grind up into the new year then we cramp out in the second to third week of January, then Rally on the Obama's inauguration. This market is trying its best to build a base but the volume is just not supporting it. We will obviously see soon enough.
Been getting a few emails about the action and all I have to say is this time of year most people aren't pushing it and therefore there isn't much to report on. Also we are getting our final papers together for our fund, which should start trading in January. Wish us luck !!!!!!!!!!!
MARKETJEDI.
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