Market extends its gain for five consecutive days and ends up higher in a short trading day today. We have not seen a five consecutive up days in 2008 at all. This is the best performance week since 1974, surged 12% in a week; however, the worst November since 2000, dropped 7.4%.
Even more impressive, the Dow gained 1,277 points, or 17%, in just five sessions, marking its best five-day percentage gain since 1932, and its best five-day point gain on record.
S&P is up 1% to 896. It breaks its downtrend in November, and is higher than its 10 and 20 DMA.
Today is the Black Friday, the biggest shopping day in a year. There are a lot of crazy deals provided by the retailers, such as blu-ray player for $99, and 50" Panasonic Plasma-HDTV for $899.
After rebounding from the 2002-2003 lows strongly, are we going to see the market continue its uptrend in December? VIX is down to 55 from its record high of 90.
Let's wait for the Black Friday retail data to come out.
Friday, November 28, 2008
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