- As if scripted the market eked out a green finish. Somewhat eerily the S&P finished at 756.55, just off the 757 which some hold as both resistance and breakout.
- Market internals were upwardly biased at the close, a pleasing sign.
- So, now we must wait out a weekend that promises to be quiet. Should we have any headlines it would be from the G-20 pre-meeting.
- The bulls and bears both will be able to make hay from today. But the close was strong which should indicate the bears were unwilling to short on Friday and the bulls were prepared to carry positions over the weekend.
- Drug stocks was the strongest group. Merck was up more than 12% and has advanced 23% in two days. Am missing that party completely.
- Apropos of nothing…..I just like the ad: E*TRADE Baby Shankapotomus
It is cold and rainy here so the weekend should be a wash. We had hoped to go sailing on our friend’s beautiful 42′ Offshore Cutter. But we will be out three nights in a row, something I cannot remember happening in years. It will be nice to be with good friends. Hope you have a terrific weekend and we’ll meet here again on Monday.
