Sometimes you picture me
I'm walking too far ahead
You're calling to me, I can't hear
What you've said
--Cyndi Lauper
After the volatile action we've witnessed over the past couple months, many traders have likely viewed the market's mellow meander over the last couple sessions as a welcome holiday gift.
The technical picture indicates that we've been consolidating for a few weeks. The flag, or pennant, pattern evident in many indexes such as the S&P 500 (SPX) will be resolved soon.
How prices break (up or down) should offer an idea for where the tape's headed in the near term.
no positions
Friday, December 26, 2008
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