Today marks exactly one year since the sovereign debt trouble in Dubai has come to the attention of the media. The markets seem to celebrate the same way as they did then.
Here is how the SPX looked by the end of Monday after the Thanksgiving back then:
I also remember the put/call ratio being overextended into oversold territory as it will probably be at the close today.
This analogy reinforces my view that Monday will be a good time to buy for a move up until the end of the year.
2 comments:
CPC today ended at 0.85 and CPCE at 0.66. Hardly oversold IMHO and there appears to be a large number of buy dippers if you ask me.
I am ready to join them tomorrow.
The CPC has been oversold before Friday's open. I won't ask for more.
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