Friday had some very strong momentum and seems to add credence to the scenario of the intermediate term low being in place and a potential powerhouse rally underway.
The put/call ratio on Friday needs to be thrown out the window because of option expiration.
Momentum is in the early stages of turning up so there is some real confirmation of higher prices here. We also have the day before Christmas having an astounding probability of a rally day when the previous 2 days were up as well.
We remain in the buy weakness mode and will shortly be bumping our equity allocation up.
Take a look to the Aggressive Equity Account and the 20% in 7 Days account for some pretty good hits.
As a side not, I will be phasing out the commodity section of this blog and make it an equity only blog. I will be putting together a separate commodity oriented blog over the holidays.
I will not be day trading tomorrow, but I will be back at it on Dec. 26.
I wish everybody a VERY MERRY CHRISTMAS and remember that this is a time of reflection and change.