Dec 28, 2012 (9:09 AM EST)
U.S. markets are in a very interesting position. Fiscal cliff talks are going on, indexes are clinging to support levels, today happens to be the last trading session of this week – in short, I’m expecting markets to open lower but hover within the range of previous sessions.
I might be wrong but I’ll stick to one of the cardinal rules of trading; that never believe markets have made a turn till markets have made a turn. So, till U.S. REALLY jumps over the fiscal cliff, markets will keep clinging to the lowest support levels. Markets had shown the same tendency yesterday and recovered after hitting bottoms for the day.
Markets will also receive some important economic reports today. So keep an eye on various support levels. (S&P’s support is at 1400 , Dow Jones is desperately clinging to 13000 now).
Here is wishing you an entertaining day in markets. Me? Oh I’m entertained by tv experts, who don’t know which way markets are going but keep trying to put up a brave front of being in the know (*grin*).
Have fun, enjoy and wait for the next week which is promising to bring lots more excitement!