5 CHARTS TO HELP YOU FORGET ABOUT THE CISCAL FLIFF
The week that was went pretty much as expected, with one primary exception. If you'll recall, last weekend I put a range on the Dow with upside in the vicinity of 13,350 and downside in the vicinity of 13,050 for the week. The actual high for the week was 13,365 and the low was 13,122. The path the market took to get there, however, was completely contrary to what I had expected. This was primarily due to the perceived shock of another Congressional blunder with respect to the nauseating Ciscal Fliff (I refuse to say it) causing the market to veer off track on Friday. I was expecting the Dow to end around 13,350 this week. Obviously, Friday's action threw a bag of flaming reindeer turds on the doorstep of this plan.
I do not expect the bearish price action to last long, however. In fact, Friday may have been the extent of it. Downside for the week ahead is minimal, as demonstrated below:
click chart to enlarge
S&P 500
NASDAQ COMPOSITE
VIX
GLD
YELP
