A
pple’s earning miss and the Spanish debt downgrade overnight were off set by Intel early. Some late day weakness and consolidating action closed us lower. Bulls held where they need to at SPY 121, next support would be 119 from Tuesday low, and 117 the 50 day simple moving average. So far the pullback is contained and maybe setting us up for an end of year rally, but we have to be on constant look out for news risk and the risk of market trending beyond support.
