Fridays before the holidays can be problematic so lets take a look at some price levels. Its important to watch for money flow again moving forward as the holiday draws near. This generally results in a few leaders especially in retail. AAPL is popping up as the holiday approaches while AMZN is equalizing after a large gap down.
On top of the money flow adding volatility today we also have SPY going ex div. This means that the dip in price this morning is a result of it going ex div and SPY is actually holding up right now. The social media sector still refuses to follow the SPY. Banks seem to be holding levels right now, and overall appear to be heading back towards highs, but it looks like there is a little bit of pre-market selling happening.
Lets see if there is any momo left. Big funds should have been using the bounce and dump from the week to layoff end of year positions. So, lets hold on and see what these surprising holiday markets have in store. All in all, if we can’t find the legs early it might be a smart idea to take a long weekend.
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