4 December 2009 – Higher into Xmas?

It was suggested that last nights session would be a market mover – and we weren’t disappointed. Unemployment dropped sending the market dramatically higher but a bid also came into the US Dollar sending stocks lower again and pummeling Gold. Stocks dropped several hundred points from the intra day high before recovering to finish slightly in the green. Gold closed down almost $60. The good news is that the Dow Jones Transports closed nicely through the major line of resistance. I take this as a bullish statement which was also supported by some of the smaller cap indices closing nicely higher as well. I’m now wondering that with the employment data out of the way whether or not the US can rally into New Year?

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