We finally managed a little seasonal strength, but it was very modest, and traders obviously weren't being very aggressive today. It is just very difficult to have much confidence in this market, even for shorter-term bounces. The history of the market lately is if you let quick gains slip away, you won't have any gains, so fast flippers are ruling the market right now.
I've heard from quite a few folks who think that we aren't going to see any sort of an end-of-the-year bounce because there is still pressure from redemptions and repositioning. The odds still favor some upside over the next week, but no matter what, it will most likely be a bumpy ride. What I'm really wondering about is the first week of 2009 - If memory serves, the week ending 2007 was benign; then, during the first week of 2008 the selling started and then fed on itself. I'm wondering if 2009 starts the same way. If it does, with relentless selling the first week of the new year, I would think that would be quite an ominous sign.
Merry Christmas and happy holidays. Now is the time to focus on the only investments that you should love for the very long-term: your family and friends.
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