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Markets Looking For A Top - Are We There Yet?
Stocks began the year with a bullish push. There's an old adage that so called "calendar money" or "new money" comes into the market over a 3 day period. That explains the big gap open we saw on Wednesday January 2, the first trading day of 2013. It also explains what we saw on both Thursday and Friday. The question today as the markets opened was "What happens when the new money dries up?"
The chart below is a Globex 24 hour chart of the S&P500 Emini Futures.