Holiday markets can be really tricky and - make no mistake - the action we see in stocks between now and year end will torture those who overthink the moves of these final 23 trading days in 2010. The first clue will be todays trading action and Monday when the market fails into the 122 area for the SPY at least from my viewpoint.
The reason is purely technical and fairly simple if u are a marketwatcher. I always look for cultural events to put in highs and lows and I have been watching the market acting like it will put in a high into year end.
Market clues historically have come from bell weather names, and we can now look again at GM as a market indicator. Lets return and look at GM at yearend and see how a $32 per share investmnet sits for all of the pension funds who own it. The smart perople got out yersterday including the worlds largest hedgefund Uncle Sam Inc who trades for the US taxpayer.
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