After a 7 week rally in the Dow and S&P, I really think we’re seeing some profit taking today.
We have a light economic calendar going into the end of the week highlighted by the Pit Bulls Thursday/Friday Low! Take a look at these recent expiration stats and tell me what you think…
This Friday : up 19 / down 11
Monday up 18 / down 12 of the last 30
Tuesday up 17 / down 13 of the last 30
Wednesday up 15 / down 15 of the last 30
Thursday up 13 / down 17 of the last 30
Friday up 21 / down 9 of the last 30 occasions
We need a little bit of weakness before we can pull back going into the end of the year, and dont discount the fact that the S&P has been up 4 out of the last 5 Christmas holiday weeks. So we’re looking at some very bullish stuff here guys. I think you have to gear towards the Pit Bully Thursday/Friday Low.