Let's think about this graph of the S&P 500 for a moment:
There have been, since the November 21st lows, three surges higher. Specifically:
| Low Date |
Low Value |
High Date |
High Value |
| Nov. 21 | 743 | Dec. 1 | 864 |
| Dec. 5 | 824 | Dec. 8 | 909 |
| Dec. 15 | 860 | Dec. 17 | 909 |
What's interesting to me is the percentage changes for each of those lunges; they are, respectively, 15%, 10%, and 5%. In other words, it's getting weaker each time; plus, the last surge didn't even make a higher high.
This, to me, is simply more evidence that the market will cough and wheeze its way to the finish line next week. I remain short.
