Dec. 30, 2008 market action was with light volume

Markets closed up today and both of my ETF Ultra Shorts lost ground. However, I did not sell them as I still believe we are going to test the previous lows. Low volume days can make swings more than they would be otherwise. If anything, today was a buying opportunity if you believe the market will drop in the next 2 weeks.

All 3 Indexes closed today about their 20 and 40 day Moving averages but not about the 60 day Moving averages. To me the big news of the day was the fact that Consumer Confidence is at 38% compared to over 90% last Dec 30th, 2007 and down from 44.7% in November. Data in other countries support declines in their consumer confidence as well. WE will see what impact that has on the markets the first few weeks in January. But next week we will get Unemployment rates for December.

On a more personal note, I caught a bad cold and am resting today and tomorrow to hopefully shake it. I will post when the news warrants a comment.