The bulls got a gut check on Wednesday after the bears pushed the next levels of support but were able to rally on the rhetoric out of Washington. Once again, we will spare you the details but the important statement from the head zombie was that the Fiscal Cliff should be resolved by Christmas.
We all know politicians hate working over the holidays but much of yesterday’s action was just the ground work being laid. The battle between the zombies will get more intense and the triple-digit swings in the Dow could be common from here on out.
The Dow gained 107 points, or 0.8%, to finish at 12,985. The blue-chips fell below support at 12,800 and dipped to a low of 12,765 shortly after the open but rebounded to a kiss a high of 12,989. The Dow came within a stone’s throw of tripping 13,000 again and could challenge 13,200 on more “happy talk”. (continued…)
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