Drop to set-up end-of-year rally?
The Market:
Without any catalysts, the market drifted slightly lower today but we would be very careful on the short side as this could just be a set-up to finish out the week strong. In addition, we would be looking at a gap down tomorrow as a potential short term trading opportunity on the long side.
While all sectors finished lower, Utilities (XLU) led the way closing down over 2%.
Tomorrow is the biggest data day of the week with Unemployment Claims the headline.