Can Buyers Keep Up the ES Rally As Volume Fades?
Remember not to let the winners turn into losers.
Follow @MrTopStep and @BretKenwell on Twitter and please share if you find our work valuable.
Our View
As we approach the holidays, I want to take a minute and just thank all of our subscribers for being a part of the Opening Print. As trading volumes are drying up and families are getting into town, readership naturally tends to dip around the holidays.
We got an excellent entry on Starbucks yesterday and were able to trim our WMT position. That ought to stuff a few stockings. After a couple of nice wins and as the volume falls in both the S&P and in readership, we will keep the OP fairly light over the next few days, as we too look to enjoy this time of year.
As for the markets, everyone wants to know: Will we have a Santa Claus Rally?
If he comes to town, it may give equities a short-term boost, but it's not going to change the status quo very much. On the flip side, a 10% pop would be something that changed the outlook — or really, any move over 4180.
If I had a gun to my head, I'd say this rally is not over. As the volume drops, the ES will rally.
Our Lean — Danny’s Take
As of 8:00 am ET, we have some weakness across the board, with the GDP reading at 8:30.
Our Lean: