The real traders return from vacation — then have snow day

Posted on Jan 04, 2014 by in Letters

 

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p83257770514&a=266398464

The real traders returned from vacation and observing -- as we did last week -- that the market was vulnerable gleefully hammered it, transversing a range of 18 SPX points on good volume.  Then the next day snow fell on New York and dampened their enthusiasm.  This means we will have to wait until next week to see if there is followthrough.  We were hedged which we did on the close Friday and could have take a scalp, but we're waiting to see how the market feels about having the smart guys back.

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