The week that was:
Well, we got the bounce I thought we would from yesterday's post. Retail sales up strong signaling a strong consumer. Manufacturing down. Market bought the consumer news and ignored the bad manufacturing.
The market opened higher, sold off to support then moved significantly higher, retracing initial gains to fib levels and then ran to close pretty much at the highs for the day. Looks like more to go tomorrow. Downward trend lines in IWM and SPY still intact on the daily. IWM finished at the Weekly Pivot point SPY the proverbial "hair" above the Monthly Pivot. Earnings earnestly embark this week (o.k. that perhaps was a stretch), so we'll begin to get a feel for performance and outlook. The rubber is about to hit the road. I do think, with a few pullbacks here and there, the long-term looks up in general, but let's see what Congress does the first of the year.
On the dailies: