Santa Claus Rally Skids Toward Fiscal Cliff
Analysis of the Dow Transportation Average (5357.81): Transports is approaching the upper end of its 2012 trading range at 5390.11 set on March 19. The 2012 low was 4795.28 set on June 4. The daily chart is overbought and the weekly chart stays positive on a close today above the five-week MMA at 5087.
Analysis of the Russell 2000 (852.49): The small cap index moved above its annual pivot at 836.15 with the QE3 high at 868.50 set on Sept. 14. The daily chart is overbought and the weekly chart stays positive with a close today above the five-week MMA at 815.85.
Analysis of the PHLX Semiconductor Sector Index
(SOXX) (389.49): On Thursday, Dec. 20, I wrote,
At the time of publication the author held no positions in any of the stocks mentioned.Follow @Suttmeier This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
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