The big yawn!
Am I going to have to hibernate for all of 2004 as well?! When's it going to be my time!?
Adam Brodsky is writing today's trading diary.
Yawn! Did the market open yet?? Just kidding. Not much to really report thus far in the trading day. Most of my conversations have been centered on New Year's plans, upcoming vacations, and various stories from the weekend. Not exactly the stuff great trades are created from!
In my opinion, the overall market does have a bullish tone to it. We are mostly trading flat and I don't see many clear cut breakouts on my screens. With 2003 drawing to a close my guess is that there will be a constant bid in the market to "window dress."
One of the big stories of the past year was how little selling pressure has been on the markets. Each time we dipped over the past year, it has been on light volume and the market answered back ferociously with buyers. Dips were seen to be caused by a lack of buyers rather than an increase of sellers. Continuing with this idea and going into the end of the year one can guess that without much selling, it obviously doesn't take much of a bid to hold up the market. The end of 2003 may in fact be dictated by this yearlong theme.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at email@example.com.
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