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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Cogito Ergo Sum who wrote (84751)	12/19/2011 3:08:15 PM
From: 2MAR$	Respond to of 218116

BAC edit $4.94 , banks cliffdiving ...Santa Claus Is Not Coming to Town, Says BAC TA http://blogs.wsj.com/marketbeat/2011/12/19/santa-claus-is-not-coming-to-town-says-technical-analyst/?mod=yahoo_hs By Mark Gongloff The year is nearly over, stocks are going nowhere, and nobody is trading any more, meaning anybody still hoping for a Santa Claus rally has got to be feeling increasingly desperate. Mary Ann Bartels, chief technical analyst at Bank of America Merrill Lynch, is not exactly spreading any holiday cheer with her latest note, which declares, flatly: “Santa is not coming.” Because she’s one of those chicken-entrail readers, she bases this mainly on technicals: Last week the S&P 500 fell below its 50-day moving average, which is the new level to watch — 1228. A failure to move above and hold the 50-day moving average confirms to us that we have already begun to enter the phase of testing the October lows near 1100-1074. This pattern is becoming eerily similar to 2008 into 2009. A base building process has been underway since August but we have maintained the belief that the lows still need to be tested and undercuts to 985-935 are possible (50% probability) as part of this process. We expect a new cyclical bull market to emerge near 2Q12. Time and patience are needed. Bartels, who has been fairly bearish for quite a while, at least for the near term, pointed out last month that the market right now is feeling a lot like it did in 2008.