Dec 8th 2014 – The Bulls and Bears are Boxing

Quite the boxing match going on between the bulls and the bears at this all-time high juncture.  I think the bulls will still have a round or two in their favour before the bell rings for the final round in this up trend.  It may even carry us through till Christmas.

In the last week or so it has been an even contest as we have seen them both win a round or two, but I still have my target above 2080 on the S&P 500 and it hasn’t gone there yet.

Should, however, further weakness follow tomorrow, I think it will be time to close out my trades and wait for my next opportunity.  It’s been a wonderful run since Oct 16th, so I can hardly complain if the trend is over…I just don’t think it is.

Market News:

U.S. stocks fell sharply on Monday, with benchmarks retreating from records and the energy sector slammed as the price of crude fell below $63 a barrel for the first time since July 2009.

Crude for January delivery fell $2.79, or 4.2 percent, to settle at $63.05 a barrel.

McDonald’s fell after the fast-food chain reported global comparable sales declined 2.2 percent last month. Merck & Co. said it would acquire Cubist Pharmaceuticals in a deal valued at $9.5 billion.

Apple fell sharply, with the consumer-technology maker leading the technology sector lower.

Chinese overseas shipments climbed 4.7 percent from a year earlier in November, the customs administration said.

Separately, Japan’s economy contracted more than anticipated in the third quarter.

Tuesday:

Earnings: AutoZone, Krispy Kreme, Burlington Stores, HD Supply

7:30 a.m.: NFIB survey

10:00 a.m.: Wholesale trade

10:00 a.m.: JOLTs

1:00 p.m.: $25 billion 3-year note auction

News Sources:  CNN Money & CNBC