Not Much Has Changed!

We would love to give you some massive changes in market thought as we head into the last week of trading…but in bad English…we ain’t got none!

All that happened last week in the 3 day romp back up was that the worst areas of the market, which were ridiculously oversold, has a good rally/bounce. For instance, a PXD, which dropped to $114 from $145 in 4 days…rallied up 11 points. In fact, the whole energy complex had its best week in a while but that was after some serious nausea.

As far as leading areas, they just sat the week out. In fact, most of the most popular leading names have been in sitting mode for weeks. We wish we could go further than that but that’s it for now. We don’t have a clue if the boys try to jack things up again this week as volume should stay light. We just think the same problems that have kept the market from ramping are still out there…and that is most of the market remains in different stages of their own private bear while leadership remains narrow. We remain worried that narrow markets are easier to sell off and have both eyes wide open if the sellers show up. We suspect the market will tip its hand in the new year.