Market Direction: BULLISH alert issued 11/23/2012
Concerns regarding the fiscal cliff were resolved this past week as legislators approved legislation that assuaged market concerns and resulted in the market making positive gains. Notably, the S&P 500 made a 5 year high. The fiscal cliff being averted resulted in a collapse of volatility causing the VIX to sink to extremely low levels. While this initial chapter of concern has closed, concerns still exist over remaining decisions that have to be made regarding the debt ceiling. Additionally, earnings may influence the market as earnings kick off after the close of market on Tuesday.
Economic reports this week include: Consumer credit (1/8) and initial claims (1/10).
Economic reports this week include: Consumer credit (1/8) and initial claims (1/10).
$tockMarketDirection maintains a Bullish Posture. We strongly encourage our many bloggers/followers to monitor positions closely, exercise proper money management strategies and to monitor $tockMarketDirection for ALERTS that we may issue advising of a change in our current bearish posture. Cha-ching.
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