Slow Day

by Larry Levin

This week is once again shortened by a holiday: New Years day. All markets will be closed Thursday. Because of this and its proximity to last week's schedule, many of Wall Street's best and brightest take both weeks off. And don't they need it? After all, wrecking the entire global financial system can't be easy!

Today's volume is amazingly thin. There was NO action on the screen or in the pit. It was terrible - until the market was about to close. Just 8-minutes prior to the New York close buying volume kicked into gear, which resulted in the biggest move of the day. Of course most traders, including yours truly, had already quit the day. Hopefully that late action carries into tomorrow morning, spurred in either direction by the consumer confidence data 30-minuntes after the open.

From a technical perspective, the support level I called at/near 830.00 two-weeks ago is still holding. Given today's late pop, the Santa Claus Rally may occur after all. Can it reach 920.00 before Thursday's day off?


Previous Day's Trading Room Results:

Trade Date: 12/29/08

E-Mini S&P Trades*
(before fees and commissions):

1) OTF sell @ 10:30am at 859.50 = -1.25 (1 lot)

2) FT sell @ 12:45pm at 856.75 = -1.75 (1 lot)

3) Algorithm positions (0)...combined daily total...-3.00

ZB (30 Year Bond) Trades*
(before fees and commissions):


1) No trades today.



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