The market reversed off the lows in the morning and made an intraday high. Large cap technology stocks picked up the slack. Wednesday and Friday of the option expiration week before Thanksgiving had historically held a bullish bias. Throw in some under invested bulls and prices that are holding firm, the bulls still have a slight edge. But I can’t help but peek at the future as I write this and its deeply in red, last two times we had a large after hour drop the buyers showed up. Will this time be different Obviously if the bulls loose 1240 tomorrow on SPX, they could be in trouble and if we close below 1230 the Santa rally maybe in doubt.
