Dave Fry's Market Comments For December 1

By: Dave Fry Monday, December 01, 2008 7:09 PM

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Vote for next session

The next market session will close:

So many images and thoughts, so little time. But, let’s just go with the image above since it’s short, snappy and makes the point: Black Friday is really dumb. That leads nicely to a Black Monday of sorts.

The immediate chart below is the NASDAQ from Friday. As I mentioned last week today was the end of the fiscal year for many financial institutions including mutual funds. A little window dressing for Main Street occurred all last week and hit an all time high Friday. Yeah, I know, they’re not supposed to do that right? Sure.

Below is the McClellan Oscillator from Friday’s close which shows the markets much overbought.

Compared with most of last week, volume was higher and breadth was as crummy as you’d expect. It looks like a negative 10/90 all the way per our man in Geneva.

The current financial analyst rock star Meredith Whitney suggests credit card lines of credit may shrink by 45% or $2 trillion as per this Reuters article.

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