We have about six weeks of real trading left for 2011. Things will slow down as each day passes in December. (My office will close from December 10 to January 3). While the U.S. stock market is ever-so-slightly up for the year, I do anticipate significant tax-loss selling in most markets (although I suspect a fair amount has already taken place in the junior resource market during the last big downdraft).
U.S. Stock Market – I and a zillion others spoke about 1120 being a key support level for the S&P 500 back in late September. I had noted that while I wasn’t highly anticipating it, the fact that the market didn’t break below it for more than a day or so suggested we could see a meaningful countertrend rally (and why I didn’t want to short the market yet again).
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