ETF Prophet

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The S&P 500 (SPY) pulled back a full -2.9% for the week, representing a 50% retrace from its recent swing highs. While holiday seasonality may well come to the rescue going into the final two weeks of the 2011 — France downgrade rumors loom large this weekend [update, apparently only an outlook downgrade]; equities are in short-term neutral territory, thus offering little technical support below; and, equities are also in the weakest technical position they have been in from a relative strength standpoint since mid-Fall — and that’s saying something.

[Week 51 Calendars: Economic | Reporting]

Source: Mrkt_Commentary subscription service; prior weekly posts.


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