Yesterday's mixed close had more to do with a lack of new developments in the
euro zone than any domestic news. Early in the day, there was a positive
reaction to the November Consumer Confidence Index, which jumped to 56 from 39.8
in October. But interest in equities faded late in the day, despite strength in
energy stocks, which gained 1.5% on concerns over a possible reduction in crude
from Iran. The Dow Jones Industrial Average closed up 0.28%, the S&P 500 rose
0.22%, and the Nasdaq fell 0.47%. The Big Board traded 918 million shares, and
the Nasdaq crossed 440 million. Advancers and decliners were even on the NYSE,
but on the Nasdaq, decliners outnumbered advancers by 1.4-to-1. Click to Enlarge
It is often helpful to consider the analysis of other technicians, especially
when they compare current patterns to those of the past. This week, Mark
Arbeter, chief technician of S&P's MarketScope, draws a similarity of the
current pattern of the S&P 500 to a pattern in 2008.
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