Friday, December 19, 2008
Working For The Weekend
Well as the week comes to a close we should see much less volume next week as many traders are on vacation for the last two weeks of the year. It could still be decent trading but we really are just stuck in the mud right now. Today's action was not very inspiring to the bull case. However it seems like we will hold the pivotal 876 level heading into the weekend (bear with me as I am typing this up with 10 minutes still to go).
It has been an interesting week but sort of unfulfilling to the bulls after Tuesday's rally was sure to break us thru that tough overhead ceiling around 915. It didn't. So we go into the weekend pretty much flat on the week.
The dollar bounced nicely just as the Euro hit 1.47 overnight Thursday morning and reversed sharply lower by today. Friday the Euro fell to 1.379 before coming back to 1.387. I would expect a continued pullback in the Euro.
Oil is interesting here because the Jan contract that expires today went as low as 33 smackers. However the Feb contract which becomes the front month on Sunday is still over 40 dollars. Look for oil to follow the dollar next week perhaps as traders begin to go on vacation.
Enjoy the weekend guys!