Morning Update: 12/21/2011

Hello Traders:

10:04 pm…

Yesterday was an eventful day indeed! If you were long you were nicely rewarded for your patience and conviction during the recent pullback, as all index’s were significantly positive for the day. If you were short (or kept trying to short) you undoubtedly made some tuition payments to the University of Trading, as the market reversed hard sending a clear message.  While one day of bullishness doesn’t exactly signal a trend reversal, it does without a doubt put somewhat of a damper on the bears party. I expect the market  to move sharply higher today hitting new highs.  This market can get hit with news  from Europe  at any time. I would keep stops tight and convictions strong as weak payers will be shaken.   As most professional traders are off and not partipating in this rally,  one must be prepared for anything.

Trade well!

Olof Thomas

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