Tuesday report - VISION FINANCIAL MARKETS

You can put it in the books. Another gap higher open started the last week of the year in the green. That makes five days in a row opening with a gap.
This is viewed as expected by some, but at the same time these gains are creating some pause in even the most bullish of traders.
Without a retracement to speak of on this run, the equities are making it difficult to just jump on board.
So as we start this week of the traditional Santa Claus Rally it is sink or swim time in very quiet holiday markets.


In the end the SPH got exactly up to the 50% mark at 1126.00, sold off a little, recovered a little and closed up on the day “a little”. The imbalance showed sell $241mil vs. buy $179mil, traded 1123.50 on the 3:00 cash close and settled at 1123.10 on the futures close. What can we say? The SPH has closed higher 7 days in a row and equity flows are the highest levels in 79 weeks. Do you really want to fight that?


We now have 2 ½ days left in 2009. We see no reason to add to this. For the most part the year is done, cooked. We got our 1130 and “maybe” over the next few days it will exceed 1130. By how much? We don’t know and don’t care. Our call? Remains the same, 1130 and then 1150. The problem with 1150 is it may not happen until next year.