We'll find out who's more scared to hold their positions into the weekend. Just a sentiment watch that may carry into next week's market action.
Next Monday we have new home sales - likely up. Tues have Case-Shiller HPI - likely up & consumer confidence -? Wed. is durable goods orders - also likely up Thurs. Jobless claims as usual most likely better than expected. Fri. GDP - may be revised up. We're expecting recovery remember?
So far looks like a week in favor of bulls again. But there is a bunch of mostly short term bill auctions in the early part of the week. Anybody ever wonder where all this money goes? They supposedly have only spend 25% of TARP money. And how much did Ben use to buy down the rates? The rest goes to buying up the markets? I wouldn't be surprised.
Watch, they'll close this thing right at the bottom of the trendline it's been following for the last 11 days.
12:30 is the key point in time. The upward trendline meets the downward trendline (established late yesterday afternoon). If GS hits the sell button there, we'll see 927 in a hurry (Monday or Tuesday).